Why did the price of Bitcoin drop sharply yesterday? Let’s talk about the following aspects.

1. Bitcoin price fell below $70,000, losing $300 million in one hour, mainly due to strong U.S. employment data and a drop in GameStop stock.

2. Bitcoin dominance rate increased to 53.69%, reflecting the market correction.

3. The Crypto Fear and Greed Index dropped to 77, and the market sentiment is still “greedy”.

4. CME Bitcoin futures open interest fell by 2.19%, indicating that traders are closing their positions.

5. Strong U.S. employment data reduces the possibility of the Federal Reserve cutting interest rates, causing interest rates and the U.S. dollar to rise, negatively impacting risk assets including cryptocurrencies.

6. The sharp decline in GameStop stock also affected cryptocurrency market sentiment, causing the prices of other meme coins such as DOGE, SHIB and PEPE to fall.

7. Despite this, Bitcoin ETFs continued to accumulate, but failed to sustain the rise in Bitcoin prices.

What are the other reasons? Let’s chat together in the comment area and express your opinions. #山寨季何时到来？