Some traders say Germany’s Bitcoin selling is behind this week’s drop, but a negative reaction to concerning macroeconomic data is the likely culprit.
The total cryptocurrency market capitalization plummeted 3.9% between June 20 and June 21, approaching its lowest level in five weeks at $2.34 trillion. This decline affected every top 10 coin, with Bitcoin readings for France and Germany came in below expectations. Similarly, in the United Kingdom, the PMI showed that private-sector companies reported slower growth than expected. Lastly, Japan’s inflation rose to 2.8% in May, higher than April’s figure of 2.5%.
Under this scenario, the U.S. Dollar Index rose to its highest level in 50 days at 105.85, indicating that investors are moving away from the euro, British pound, Swiss franc and similar currencies. While the S&P 500 index remained unchanged on June 21, traders viewed Bitcoin's 52% gains year-to-date in 2024 as a reason to take profits and reduce exposure amid macroeconomic uncertainty.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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