Developments in the USA temporarily increased the price of Bitcoin, but macroeconomic data created fear and anxiety in the markets. Selling pressure continues in ETF funds. Bitcoin fell from $70,000 to below $60,000 in a week. As the volatility of the cryptocurrency market increases, many factors have shaped this situation, many of which can be linked to the United States. Let's examine the possible reasons why Bitcoin lost $ 10,000 in value from Monday to Sunday morning.
The week got off to a high start with Bitcoin surging $3,000 on Monday, reaching $70,000 for the first time since early June. This rise comes just days after Donald Trump attended the 2024 Bitcoin conference in Nashville and promised to unseat SEC Chairman Gary Gensler. Trump's pro-cryptocurrency statements had a positive impact on the market for a short time. However, this rise did not last long. Later Monday, Bitcoin continued its decline over the weekend, dropping $4,000. In particular, after the release of the US July employment report on Friday evening, the price of Bitcoin fell to $62,200.
The unemployment rate rose to 4.3%, the highest level since October 2021, raising concerns that the US economy may be in worse shape than thought. The sudden price drops on Wall Street also had an impact on the crypto market.
The Bank of England cut interest rates by 0.25 basis points for the first time since the pandemic earlier this week. The Bank of England followed a similar path as other major institutions such as the ECB and the Bank of Canada. However, the US Federal Reserve refrains from taking such a step and interest rates remain at high levels between 5.25% and 5.50%. Democratic Senator Elizabeth Warren is pressuring Fed Chairman Jerome Powell to lower interest rates, but this step is expected by experts who believe that this decrease will occur in September.
Low interest rates are often seen as a positive sign for risky assets like crypto because they make borrowing cheaper. However, uncertainty about the Fed's next move may cause some investors to withdraw from the crypto market.
Weak US economic data and uncertain actions by the Federal Reserve are worrying large investors, especially those investing in crypto through ETF funds. Outflows from spot Bitcoin ETF funds reached nearly $240 million on Friday, the highest outflow in nearly three months, it was reported on Saturday. Withdrawals from Ethereum ETF funds continued to increase for the second week in a row. ETF inflows, especially outflows, can have an immediate impact on Bitcoin's price, which could be one of the major reasons why Bitcoin falls below $60,000.
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