US President Donald Trump has repeatedly criticized Federal Reserve Chairman Jerome Powell for not lowering interest rates in the past few months.
Last month, the Federal Reserve kept the target range for the federal funds rate between 4.25% and 4.5%, indicating that 'inflation is still a bit high,' as outlined in its official statement. Now, with the central bank's meeting approaching on June 17 and 18, President Donald Trump clearly expressed his viewpoint.
The president posted on Truth Social saying: 'ADP data is out!!! It’s too late for Powell to lower interest rates now. It’s unbelievable! Europe has already lowered interest rates nine times!'
In fact, in a press release issued by the ADP employment company, based in Roseland, New Jersey, on Wednesday morning, the private sector added only 37,000 jobs in May, the slowest hiring rate in more than two years. The price of Bitcoin stabilized significantly after this news, fluctuating around the $105,000 threshold throughout the morning. However, stocks rose slightly, with the S&P 500, Nasdaq, and Dow Jones indices increasing by 0.23%, 0.35%, and 0.10%, respectively, according to CNBC.
Bitcoin fell slightly by 0.70% in the past 24 hours, trading at $105,234.99 at the time of writing. The cryptocurrency lost 2.08% over the past week, and today's price movement was mostly confined to a range between $104,232.70 and $106,457.19. The entire cryptocurrency market also dropped by nearly the same percentage - 0.72%, according to CoinMarketCap.
Trading volume decreased by 6.15% to reach $44.48 billion as momentum waned across various sectors. Bitcoin's market capitalization dropped by 0.82% to $2.09 trillion, with its dominance decreasing by 0.16% to 64.06. Open interest in Bitcoin futures contracts also fell by 2.02% to $70.58 billion, indicating a retreat in leveraged bets amid weak price movements.
Liquidation activity was much lower than usual, with only $62,970 worth of positions liquidated in the past 24 hours, according to data from Coinglass. However, long positions accounted for $56,780 of this total, putting the optimists back in a precarious position with the latest market moves. Short positions were liquidated for a lower amount, at only $6,190.