Recently, the Bitcoin market has experienced significant volatility. At the beginning of the month, Bitcoin briefly touched a high of $70,000, but then fell all the way. As a result, the total market value shrank by about $300 billion, and the originally expected $4 trillion milestone became out of reach.
This market change is directly related to the speech made by US Treasury Secretary Janet Yellen at the beginning of the month. In her speech, Yellen warned that the high interest rate environment makes it challenging for the fiscal department to control deficits and interest expenses, and it may also trigger the collapse of cryptocurrencies such as Bitcoin. This view undoubtedly hit the pain point of cryptocurrency investors, and subsequently the crypto market assets experienced a painful downward adjustment.
BlackRock, the largest issuer of Bitcoin ETFs, also issued a warning about the current market conditions. BlackRock analysts pointed out that in order to cope with inflationary pressures, central banks need to maintain interest rates at a higher level than before the epidemic, and this situation is expected to last for a long time. This view is consistent with the actual market trend. Since Bitcoin hit a high of $71,907 on June 7, it has fallen by about 10% and is currently quoted at $64,319.
Although the Bitcoin market has experienced this sharp drop, investors still need to remain vigilant and pay close attention to market dynamics. The cryptocurrency market is highly volatile, and investors should fully understand the risks when participating and make decisions based on their own risk tolerance.
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