đ„đ„Bitcoin Price Crash Below $70K â What's Causing the Crash? Need to Read...
đđ»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.
đđ»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.
đšBitcoin 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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