Bitcoin experienced a significant decline today, causing a ripple effect across the cryptocurrency market. Here are the primary reasons behind this sudden drop:

1. Impact of US Unemployment Report: Bitcoin's value dipped from $72K to $68K following a rise in the US unemployment rate to 4%, instilling fear among investors and prompting a widespread selloff.

2. Mt. Gox Bitcoin Transfer: Concerns emerged as $9 billion worth of Bitcoin was transferred from the defunct Mt. Gox exchange, creating uncertainty about the potential impact of these funds entering the market.

3. Deceleration in Bitcoin ETF Inflows: The growth of spot Bitcoin ETFs slowed down, indicating investor hesitancy to make significant investments given the current market conditions.

4. Panic Selling and High Greed Levels: Investor panic, combined with a greed index of 74, led to large-scale sell-offs by both spot ETF investors and smaller traders.

While a modest recovery may occur, there's a possibility of another abrupt decline, potentially pushing Bitcoin down to the $67K support level. #bitcoin #BTC #altcoins #BnbAth #TopCoinsJune2024