Stronger-than-expected employment data announced in the USA caused a sales wave in the cryptocurrency market. Bitcoin (BTC) $95,447.5While TL fell to the support level at $95,000, the increase in long-term bond yields pushed investors away from risky assets. The US Department of Labor’s JOLTS job openings data came in at 8.1 million, above expectations of 7.74 million.
The Sharp Fall in Bitcoin’s Price Shook the Market
The sudden drop in Bitcoin’s price caused approximately $206 million of positions to be liquidated in just one hour. The resulting selling pressure was not limited to the cryptocurrency market. Nasdaq And S&P 500 There was also a weakening in stock indices such as Nasdaq fell to the threshold of 21 thousand 200 and S&P 500 fell to the threshold of 5 thousand 900.
Cryptocurrency investors watch carefully spot Bitcoin ETFThere was also a sharp decline in inflows to . Overall admissions fell 94 percent, from $987 million to $52.9 million. But the world’s largest asset management company BlackRockSpot Bitcoin ETF IBIT attracted attention with a strong inflow of $596.11 million. On the other hand, there was a total outflow of 212.55 million dollars from the ARKB fund of ARK and 21Shares.
All Eyes Now Turn to FOMC Minutes and NFP Data
Investors are now looking forward to the previous report to be announced this week. Federal Open Market Committee (FOMC) meeting and Non-Farm Employment (NFP) is focused on data. These data will be decisive on the price movements of Bitcoin and the rest of the cryptocurrency market.
Experts think that the current pullback is temporary and the market will recover in the short term. In particular, Donald Trump’s inauguration is expected to create a new wave of optimism in the market.
Bitcoin’s current situation is seen as merely a reflection of market volatility. However, upcoming important economic data and political developments cryptocurrency marketIt is certain that it will shape the course of the future.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
