🚨 𝐂𝐑𝐘𝐏𝐓𝐎 𝐀𝐍𝐃 𝐒𝐓𝐎𝐂𝐊 𝐌𝐀𝐑𝐊𝐄𝐓 𝐁𝐎𝐓𝐇 𝐀𝐑𝐄 𝐂𝐑𝐀𝐒𝐇𝐈𝐍𝐆 𝐇𝐀𝐑𝐃 🚨
𝗛𝗲𝗿𝗲'𝘀 𝘄𝗵𝘆:
1. Rising Unemployment Rate in the US
The United States unemployment rate came in at 4.3% yesterday, surpassing market expectations. This higher-than-anticipated figure indicates that the US economy may be heading towards a recession. The news triggered a sell-off in both the stock market and the cryptocurrency market, as investors grew increasingly cautious about the overall economic outlook.
2. Strengthening Japanese Yen
The Bank of Japan (BOJ) made a significant move by raising interest rates for the first time in 17 years. This decision has prompted investors to withdraw their funds from US equities and other risk-on assets, including cryptocurrencies. Prior to the interest rate hike, borrowing yen was essentially cost-free, but now that it carries a cost, investors are reevaluating their positions.
3. Geopolitical Tensions and WWIII Fears
For the fifth time in 2024, concerns about the possibility of a third world war have resurfaced. During times of heightened uncertainty, investors tend to shy away from risk-on assets, leading to a sell-off in the cryptocurrency market. The current geopolitical tensions have further contributed to the overall market downturn.
4. Mt. Gox and Genesis Distributions
As the Mt. Gox Bitcoin distribution nears its conclusion, another major event has caught the attention of the market. Genesis, a prominent cryptocurrency lending platform, has begun distributing over $1 billion worth of Bitcoin. The market has interpreted this move as a potential precursor to a more significant sell-off, further fueling the bearish sentiment.
#July_NonFarmPayrolls_Shock #US_Job_Market_Slowdown #BinanceHODLerBANANA #HamsterKombat #BinanceTurns7 $BTC
