WHY IS BITCOIN DROPPING?

Today, Bitcoin dipped below $61,000, resulting in over $260 million in long liquidations. 💸

Here's why BTC experienced a decline:

1) Unemployment Rate Surge 📈

- Yesterday, the US unemployment rate reached 4.3%, surpassing expectations. 🇺🇸

- High unemployment levels suggest a potential economic downturn, leading to a crash in both the stock market and crypto assets. 📉💼

2) Strengthening Japanese Yen 💴

- The Bank of Japan (BOJ) raised interest rates for the first time in 17 years. 🏦

- Investors are withdrawing funds from US equities and other high-risk assets due to the increased cost of borrowing Yen post-rate hike. 📈💸

3) WWIII Concerns 🌍

- The fear of World War III has emerged for the fifth time in 2024. 🕊️🌐

- During times of uncertainty, investors tend to avoid holding risk-on assets, contributing to the market decline. 📉💣

4) Mt. Gox and Genesis Distribution 🔄

- As Mt. Gox's Bitcoin distribution nears completion, the Genesis distribution has initiated. ⛏️

- Recently, over $1 billion worth of BTC was transferred by Genesis, triggering market anticipation of a forthcoming downturn. 💰📉

In my opinion, these occurrences are likely to prompt swift action from the Federal Reserve, potentially leading to rate cuts. 🏦💸

Once the apprehension subsides, the market is anticipated to recover, initiating a new parabolic run. 🔥

Remember, markets have a way of processing everything within a brief 3-month timeframe. 📅💼

#bitcoin☀️ #BTC☀ #US_Job_Market_Slowdown #July_NonFarmPayrolls_Shock #MtGoxJulyRepayments $BTC