đ´ Why Did Bitcoin Dump Today?
Bitcoin dropped below $61,000 today, causing over $260 million in long liquidations. Here's what caused the decline:
đ´ 1) Rising Unemployment Rate
Unemployment Rate Increase: The US unemployment rate rose to 4.3% yesterday, higher than expected.
Economic Concerns: Higher unemployment suggests a potential recession, impacting both the stock market and cryptocurrency.
đ´ 2) Strengthening Japanese Yen
BOJ Interest Rate Hike: The Bank of Japan raised interest rates for the first time in 17 years.
Investment Shift: Investors are pulling funds from US equities and other risk-on assets due to increased borrowing costs in Yen.
đ´ 3) WWIII Fears
Geopolitical Uncertainty: For the fifth time in 2024, fears of World War III have resurfaced.
Risk Aversion: During uncertain times, investors avoid risk-on assets, contributing to the dump.
đ´ 4) Mt. Gox and Genesis Distribution
BTC Distribution: Mt. Gox BTC distribution is nearing its end, and Genesis has started distributing.
Market Reaction: $1 billion worth of BTC was moved yesterday, signaling potential dumping to the market.
#BTCâ #btcupdates2024 #US_Job_Market_Slowdown #bitcoinâď¸ #BinanceTurns7
