๐ฑ๐ซจ **Market Shocker: The Real Reason Behind Bitcoin and Altcoin Declines!** ๐ซจ๐ฑ
**Bitcoinโs Sharp Decline: What Happened?**
While Bitcoin seemed stable, a sharp decline in the evening hours dragged its price down to $68,000. Whatโs behind this sudden drop?
**Market Movements:**
- **Bounce Back:** Bitcoin rebounded to touch $72,000 earlier today.
- **Sharp Decline:** At 15:30 UTC, the price fell sharply to $68,400.
**Why is Bitcoin Falling?**
1. **US Employment Data:**
- **Unexpected Increase:** Agricultural employment data showed a rise of 272,000 jobs in May, far exceeding the expected 182,000.
- **Impact on Fed Policies:** The strong employment data diminished hopes for a Fed rate cut in July, strengthening the dollar. Markets now predict a 45% chance of a rate cut in September, down from 56% before the data release.
2. **Roaring Kittyโs Livestream:**
- **GameStop Phenomenon:** During a YouTube live broadcast watched by over 600,000 people, Roaring Kitty made no sensational announcements as expected.
- **Market Reaction:** GameStop shares plummeted over 40%, causing the meme coin with the same name to drop more than 50%. This led to double-digit losses in many meme coins.
3. **Leveraged Position Losses:**
- **Widespread Liquidations:** Bitcoinโs decline triggered losses in leveraged positions, totaling $400 million.
- **User Impact:** Nearly 150,000 users faced losses in derivatives, according to Coinglass.
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Stay informed and trade wisely! ๐๐
