While everything seemed fine with #Bitcoin, sharp declines in the evening hours dragged the price to $68,000. What was behind the decline?
Things bounced back in the evening, with Bitcoin touching $72,000 today. The declines that started at 15:30 UTC deepened, and the price retreated to $68,400.
Why is Bitcoin falling?
The external reason for Bitcoin’s decline was the release of U.S. agricultural employment data today. At 15:30, it was reported that employment in May increased by 272,000, far exceeding the expected 182,000.
This significant increase in employment dashed hopes that the Fed would cut interest rates in July, boosting the dollar’s value. Additionally, markets now price the possibility of a rate cut in September at 45%, down from 56% before the employment data was released.
Furthermore, sales in some cryptocurrencies deepened following a YouTube live broadcast by GameStop phenomenon Roaring Kitty. With over 600,000 viewers, the broadcast did not feature any sensational announcements as expected. Consequently, GameStop shares lost more than 40% of their value. The decline in GME, the meme coin with the same name, exceeded 50%, and many meme coins also saw double-digit losses.
Lastly, Bitcoin’s decline led to $400 million in leveraged positions being liquidated. According to Coinglass, the number of loss-making users in derivatives approached 150,000.
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