Why Bitcoin Fell: The Price Dropped Below 69 Thousand Dollars Again!

While Bitcoin and cryptocurrencies closed the week with a serious decline, all eyes turned to the reason.

Bitcoin, which climbed above 71 thousand dollars last week in anticipation of a new peak, had a bad closing on Friday. CPI and unemployment data from the USA were seen as the main reason for the declines.

While there were significant increases in the dollar index (DXY) following the data announced above expectations, approximately 4 hours later, a 3.5% decrease was observed in Bitcoin and a 5% decrease in Ethereum.

US non-agricultural employment data was announced as 272 thousand instead of 182 thousand, and the unemployment rate was announced as 4% instead of 3.9%. These data were interpreted as indicating that the inflationary environment continues and that an interest rate cut will probably not come soon.

Loss is greater in altcoins

This significant decline in Bitcoin and Ethereum led to further depreciation in the altcoin market. According to CoinGecko data, Dogecoin (DOGE) lost 8%, Shiba Inu (SHIB) 10%, and Pepe (PEPE) 15% in the last 24 hours.

According to Coinglass data, these declines led to the liquidation of a $500 million futures position in the cryptocurrency market.

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