The post Why the Bitcoin Price is Down Today? appeared first on Coinpedia Fintech News
The cryptocurrency market has taken a significant downturn today, with Bitcoin falling below its $71,000 support level to $68,500, and Ethereum dropping to $3,600. The global crypto market cap has decreased by 2.60% to $2.55 trillion, while total market volume surged by 42.17% to $106.43 billion. Meanwhile, many are wondering what’s the key reason behind the sudden market drop.
Reasons Behind the Market Decline
The recent release of the U.S. Employment Situation Summary Report has played a significant role in this downturn. The U.S. Employment Situation Summary Report revealed that 272,000 jobs were added in May, surpassing expectations.
However, the unemployment rate also increased slightly from 3.9% to 4.0%, presenting mixed signals about the economy’s health.
Although the data shows a different trend, Markus Thielen, head of research at 10x Research, believes the employment repo
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