đ **Bitcoin Rollercoaster: What Happened This Week?** đ
Hey BTC enthusiasts! đ This week has been a wild ride for Bitcoin, with its price taking a nosedive from $70,000 to just under $60,000. Let's dive into the key factors behind this dramatic drop!
**1. Weak US Economy** đ
Bitcoin initially surged to $70K after Donald Trump's pro-BTC remarks at the 2024 BTC conference. However, the joy was short-lived as the US July jobs report revealed a spike in unemployment, causing BTC to tumble.
**2. Fedâs Next Move** đŠ
The US Federal Reserveâs indecision on interest rate cuts has created uncertainty. Lower rates are usually bullish for crypto, but the Fed's hesitation has spooked some investors.
**3. ETF Outflows** đ
Massive outflows from Bitcoin ETFs, totaling nearly $240 million, have further pressured BTC prices. This trend indicates that larger investors are pulling back, adding to the downward momentum.
Stay optimistic, BTC fans! đ Every dip is an opportunity in disguise. đ
