The recent downturn in Bitcoin and #Altcoins prices has been attributed to significant market-moving news. Initially, Bitcoin seemed stable, but sudden declines brought its price down to $68,000. The evening saw a partial recovery as Bitcoin reached $72,000, only to dip again to $68,400 later.
The drop in Bitcoin's value can be linked to several factors. Firstly, the unexpected surge in U.S. agricultural employment data, released at 15:30 UTC, exceeded expectations, leading to speculation that the Fed might not cut interest rates in July as anticipated. This strengthened the dollar and reduced the likelihood of a rate cut in September, affecting market sentiment.
Moreover, the live YouTube broadcast featuring Roaring Kitty, associated with the GameStop phenomenon, led to increased selling pressure in certain cryptocurrencies, including GameStop's meme coin, causing significant losses. Additionally, Bitcoin's decline prompted loss-cutting measures in leveraged transactions, resulting in around 400 million dollars in losses for traders. The number of users experiencing losses in derivative trading has risen to nearly 150 thousand, according to Coinglass data.
