The recent downward trend in the cryptocurrency market is mainly caused by the following factors:
1. US non-farm payrolls data exceeded expectations, US Treasury yields rose, and expectations of interest rate cuts in July and September were ruled out;
2. French President Macron called for a surprise election, and the euro fell sharply against the US dollar, pushing the US dollar stronger and triggering risk aversion;
3. The market remained cautious before the Consumer Price Index (CPI) and the Federal Open Market Committee (FOMC) meetings;
4. Bitcoin ETF outflows of $64 million on Monday may be traders reducing risks before important events.
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