📉 Bitcoin retreats to two-week low as market pressure emerges

Bitcoin (BTC) experienced a rapid rise earlier last week but has now fallen back to a two-week low of $62,700. The correction reflects significant market pressure on Bitcoin as a result of mixed U.S. economic data.

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Price Drop: Bitcoin has dropped 5.5% in the past 24 hours and is currently trading at $62,700, a significant drop from $70,000 a few days ago. Other Cryptocurrencies: Apart from Bitcoin, other major cryptocurrencies such as Ethereum and Solana fell by 5.8% and 10% respectively. Economic data: Weak U.S. economic data, including a sharp decline in the ISM manufacturing PMI in July, may prompt the Federal Reserve to cut interest rates in September. Global Monetary Policy: The Bank of England also joined in monetary easing, cutting its benchmark interest rate to a four-year low. Market Drivers: Bitcoin’s recent gains have been driven largely by excitement over the Bitcoin 2024 conference and Trump’s pledge of support for the cryptocurrency. Political impact: Trump's probability of winning has dropped from 70% two weeks ago to 55% currently, while newly nominated vice presidential candidate Harris's probability of winning has increased to 44%. If Harris takes office, it may affect the regulatory environment of Bitcoin, which is particularly important for the future of Bitcoin. #美联储何时降息？ #比特币大会 #BTC #AMB #FXS $SKL $FXS $AAVE