Title: Understanding the Recent Cryptocurrency Market Decline and What Comes Next
What led to the sudden drop in Bitcoin and the overall cryptocurrency market yesterday? What are analysts predicting for the future?
Author:
Mete Demiralp
08.06.2024 – 17:17
Update:
10 hours ago
Cryptocurrency analysis firm QCP Capital has released its latest market evaluation in response to the events of yesterday.
The report highlights an intriguing session that occurred twice during the night.
According to the analytics company, the session began with a strong positive surprise in Non-Farm Payroll (NFP) data, which revealed an increase of 272k jobs, surpassing the expected 182k. This rise in employment was accompanied by a rise in the unemployment rate from 3.9% to 4.0%.
The company suggests that the conflicting data was sufficient to trigger risk aversion in anticipation of US inflation data and the Federal Open Market Committee (FOMC) meeting scheduled for next Wednesday.
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During the recent market downturn, a foundation associated with an altcoin may have offloaded a significant amount of coins.
The session was further marked by RoaringKitty’s live stream, which drew nearly a million viewers. Concurrently, the stock price of GameStop (GME) experienced a sharp decline, coinciding with the drop in altcoins and meme coins. The cryptocurrency market saw a loss of over $40 billion in market capitalization.
Nonetheless, QCP Capital analysts suggest that the cryptocurrency market might have reached a bottom in the current situation, as it appears to be factoring in at least one interest rate cut from the Federal Reserve in the future.
*Please note that this is not investment advice.
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