🔴 Why Bitcoin and Altcoin Price Declining Today??🔴
⭕️Bitcoin (BTC) dropped below the $105,000 mark, currently trading around $103,662. Ethereum (ETH) also saw a decline, with its price at approximately $2,563. Other major cryptocurrencies like BNB, XRP, and Cardano (ADA) experienced similar downward trends.
⭕️Profit-Taking by Investors✔️
After Bitcoin reached an all-time high near $112,000 in May, some investors are engaging in profit-taking, leading to increased selling pressure and contributing to the market's decline.
barrons.com
⭕️Macroeconomic Concerns
Investors are exhibiting caution ahead of the upcoming U.S. jobs report, which is expected to show a slowdown in job additions. Such economic indicators can influence the Federal Reserve's decisions on interest rates, impacting risk assets like cryptocurrencies.
⭕️Seasonal Trends
Historically, June has been a bearish month for Bitcoin, and this seasonal trend appears to be influencing current market sentiment.
🟥 In summary, the crypto market's decline today is attributed to a combination of profit-taking, macroeconomic uncertainties, and seasonal trends.
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