🚨Market Update: A Big Dump Because of 4 Reasons🚨
Guys we have seen a big BTC Dump today as it affected the full Crypto Market Negatively, In this post i will mention the 4 main reasons on why BTC dumped hard and we will assess what might happen next, also you will get to know the best winners and the worst losers.
So the 4 main reasons why the price dumped are as follows:
1️⃣ USA Unemployment Report:
This was the spark that lit up the dump in the whole crypto market as the unemployment rate went up to 4% which negativity affected BTC price to dump from $72K to $68K leading the market to drop hard.
2️⃣ Panic Sale & High Greed Level:
Greed Level rose above 74 in addition to investors fear which led SPOT ETF investors to dump while small investors also sold hard.
3️⃣ Mt. GOX Bitcoin Transfer:
A large concern was the transfer of around $9 Billion worth of #BTC from the defunct exchange Mt. GOX. The destination of these funds is unknown, and investors fear it could be sold on the market, driving prices down.
4️⃣ Slowing Bitcoin ETF Inflows:
Spot Bitcoin ETFs, which allow traditional investment in Bitcoin, were seeing slowing growth. This indicates cautiousness from investors, who are unsure about the market's direction and hesitant to invest heavily.
🚨 The market could recover a bit but any sudden drop could lead BTC to reach $67K as it is the next support level.
🥇 Top Altcoins Winners:
$JASMY jumped 4% and continued to rise as it was the top performer of the day.
Currently sitting at $0.041 as it could be #TopCoinsJune2024
🔥 Worst Loser
$BOME Dropped 17% as it's price hit $0.011 and continues to drop as we are seeing most memecoins heavily dump.
🌿 Advice 🌿
Market will be volatile so don't recommend opening FUTURES Trading today.
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