🔥🔥Bitcoin Price Crash Below $70K – What's Causing the Crash? Need to Read...

👉🏻Strong U.S. Employment Data

Unexpected Job Growth: The U.S. reported 272K new jobs in May, surpassing the expected 185K, reducing the likelihood of an interest rate cut by the Federal Reserve.

Impact: Higher employment numbers have increased interest rates and strengthened the U.S. dollar, putting pressure on risk assets like cryptocurrencies.

👉🏻GameStop Share Slump

Market Sentiment: A significant drop in GameStop (GME) shares, down 40%, has negatively affected the broader market sentiment.

Crypto Impact: Meme cryptocurrencies like DOGE, SHIB, and PEPE saw declines of 8%, 10%, and 15%, respectively.

🚨Bitcoin Market Indicators

Liquidations: Over $300 million liquidated from the crypto market within an hour.

Bitcoin Dominance: Rose to 53.69%, indicating Bitcoin is still performing better than other cryptocurrencies.

Exchange Reserve: Fell to 1.81 million BTC, suggesting investors are holding rather than selling.

Fear & Greed Index: Dropped to 77, indicating high market greed, often seen at the end of bull markets.

CME BTC Futures: Open Interest dropped by 2.19% to $11.12 billion, showing traders closing positions due to market uncertainty.

At press time, Bitcoin is trading at $69,000, down 2.5% in the past 24 hours, with its market capitalization at $1.36 trillion and a 24-hour trading volume surge to $36.3 billion.

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