🔴 Why Did Bitcoin Dump Today?

Bitcoin dropped below $61,000 today, causing over $260 million in long liquidations. Here's what caused the decline:

🔴 1) Rising Unemployment Rate

Unemployment Rate Increase: The US unemployment rate rose to 4.3% yesterday, higher than expected.

Economic Concerns: Higher unemployment suggests a potential recession, impacting both the stock market and cryptocurrency.

🔴 2) Strengthening Japanese Yen

BOJ Interest Rate Hike: The Bank of Japan raised interest rates for the first time in 17 years.

Investment Shift: Investors are pulling funds from US equities and other risk-on assets due to increased borrowing costs in Yen.

🔴 3) WWIII Fears

Geopolitical Uncertainty: For the fifth time in 2024, fears of World War III have resurfaced.

Risk Aversion: During uncertain times, investors avoid risk-on assets, contributing to the dump.

🔴 4) Mt. Gox and Genesis Distribution

BTC Distribution: Mt. Gox BTC distribution is nearing its end, and Genesis has started distributing.

Market Reaction: $1 billion worth of BTC was moved yesterday, signaling potential dumping to the market.

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