BTC Flash Crash: Panic Selling Spurred by Alarming Economic Data By US Shaking Market Confidence ($1.37 Trillion)!
Bitcoin (BTC) experienced a dramatic drop of 1.16% within mere minutes, triggering a panic sell-off among investors.
This sudden decline, which brought BTC/USDT down to 68,718.89 (-1.30%), has been attributed to the release of troubling U.S. economic indicators.
On June 11, 2024, the U.S. unemployment data revealed a higher-than-expected jobless rate, shaking market confidence and sparking concerns about economic stability.
Compounding the unease was a report of unreleased $518 billion losses in U.S. banks, which surfaced simultaneously, heightening fears of a broader financial crisis.
The impact of these revelations was immediately evident in the cryptocurrency market.
As the leading cryptocurrency, Bitcoin's market cap, which stands at $1.37 trillion, felt the pressure, reflecting broader market anxieties.
The trading volume surged as investors rushed to liquidate their positions, wary of further declines.
Bitcoin, currently ranked No.1 by market dominance at 54.22%, has 19.71 million BTC in circulation out of a maximum supply of 21 million BTC.
This sell-off is a stark reminder of the volatility inherent in the crypto markets, often exacerbated by external economic factors.
CoinMarketCap data shows that despite this setback, Bitcoin remains a significant player with a fully diluted market cap of $1.46 trillion.
However, the swift drop to 68,718.89 underscores the sensitivity of digital assets to macroeconomic news.
This incident highlights the importance of staying informed and prepared for sudden market shifts, especially in an asset class as volatile as cryptocurrencies.
The data presented is for informational purposes only.
It is provided by CoinMarketCap, and shown on an "as is" basis, without representation or warranty of any kind.
Have you followed me yet?☺️☺️