The recent market downturn is mainly caused by the following factors:
U.S. non-farm payrolls data exceeded expectations: U.S. non-farm payrolls increased more than expected, while U.S. Treasury yields rose, which led to market expectations for interest rate cuts in July and September being significantly ruled out. This strong performance in economic data has made investors less enthusiastic about risky assets such as cryptocurrencies.
French President Macron called for a surprise election: French President Macron’s decision caused the euro to fall sharply against the U.S. dollar, further promoting the strength of the U.S. dollar. This volatility and uncertainty in currency markets has increased risk aversion in the market, negatively impacting the cryptocurrency market.
The market remains cautious before the release of important data: As important events such as CPI and the Federal Reserve Open Market Committee (FOMC) meeting are about to be released, market participants generally remain cautious and avoid large-scale trading before the release of key data, which is also detrimental to the Cryptocurrency markets are under pressure.
Bitcoin ETF outflows: Starting from Monday, Bitcoin ETFs experienced outflows, which may be a move by traders to reduce risks and adjust investment portfolios before the release of important events. This fund flow trend further exacerbates the downward trend in the cryptocurrency market.
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