Here are some reasons why Bitcoin (BTC) is down today
- Macroeconomics: Despite a cooling US CPI and PPI inflation data, the Fed officials adhere to the FOMC’s decision of a single rate cut this year.
- Miner capitulation: The Bank of Japan’s Governor, Kazuo Ueda, is hawkish on raising interest rates again at the July meeting.
- Bitcoin ETF outflows: The net outflow from the spot Bitcoin ETF was $146 million on Monday.
- Lack of new stablecoin issuance: The market is down due to a general lack of new stablecoin issuance.
- Dumping: Mt. Gox’s $9 billion bitcoin transfers to an unknown address, likely through thirteen transactions, raising dump fear in the market.#CPIAlert #BTC #BinanceTournament #AirdropGuide #BTCFOMCWatch $BTC
