Bitcoin and Broader Market Volatile Before US GDP Release
The cryptocurrency market, including Bitcoin, is experiencing volatility as investors await the release of finalized U.S. gross domestic product data. Most of the top 100 coins by market cap are currently trading in the red.
Bitcoin has once again surpassed the $61,000 mark, trading at around $60,670 at the time of writing, as reported by CoinGecko.
The upcoming U.S. gross domestic product data is a significant indicator of economic growth and is expected to show a 1.3% increase. This figure holds importance in the Federal Reserve’s decision-making process regarding interest rates.
Recent statements from the Federal Reserve suggested a potential single rate cut this year, leading to a market sell-off as investors are cautious amid high interest rates.
Additionally, Mt. Gox creditors are set to receive reimbursements starting in early July, with nearly $9 billion worth of Bitcoin being distributed after a long period of inaccessibility.
Moreover, the U.S. government transferred $240 million worth of BTC to Coinbase Prime, while German authorities have sold approximately $225 million worth of seized Bitcoin in the past two weeks.
Bitcoin isn’t the only cryptocurrency experiencing losses, as Ethereum, BNB, and Solana have also declined. However, some coins like Maker, Kaspa, and Ethereum Name Service have seen price increases of 7%, 6.7%, and 4.3%, respectively.
As June concludes, Bitcoin’s value has decreased by about 10% this month, influenced by the Federal Reserve’s stance and other factors like the Mt. Gox reimbursements and government BTC transfers.
In the broader market, Ethereum, BNB, and Solana are down, while some coins have seen modest gains. The market remains dynamic and influenced by various internal and external factors.
This article was edited by Stacy Elliott.