Featured image created with DALL\u00b7E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Bitcoin price has fallen by 4.7% since peaking at $71,231 yesterday, now hovering around $66,967. This decline marks a notable return of volatility in the market, driven by several critical factors. #1 Federal Reserve\u2019s FOMC Meeting Anticipation The Bitcoin market seems to be in a risk-off mode ahead of tomorrow’s Federal Open Market Committee (FOMC) meeting on Wednesday, June 12th. The\u00a0 market’s sensitivity to macroeconomic indicators is on full display as stakeholders await the US Federal Reserve’s decision on interest rates and its economic projections. Current expectations suggest that the Fed will maintain the interest rates at a range of 5.25%-5.50%, but the market is bracing for the updated dot plot which is projected to adopt a more hawkish stance.\u00a0The adjustment anticipated involves reducing the expected rate cuts in 2024 from three to two, with some speculating about the possibility of only one cut. This hawkish tilt in monetary policy projections is poised to influence investor behavior significantly, as higher interest rates typically dampen the appeal of non-yielding assets like cryptocurrencies. Adding to the uncertainty, the May 2024 US Consumer Price Index (CPI) data is scheduled for release just hours before the FOMC’s announcement. The market has reacted strongly to US macroeconomic data in recent months, and any deviation from expectations could lead to substantial price fluctuations. Related Reading: FOMC Preview: How Will Bitcoin And Crypto React? All You Need To Know Crypto analyst Ted commented on X, noting the critical nature of this week’s events: “After last Friday’s strong employment data, markets have almost completely priced out a July rate cut. Powell could quickly change this on Wednesday, especially if CPI comes in soft. There’s an (off) chance for significant repricing this week, which could move BTC + crypto\u2026\u201d #2 Intensified Spot Selling Pressure The immediate catalyst for the recent price drop appears to be a surge in spot selling. Analysis from alpha d\u014dj\u014d reveals that heavy selling pressure was largely responsible for the slide down to a low of $67,000. The market dynamics observed during this period indicate a clear shift, with an increased volume of sell orders not met by sufficient buy orders to sustain the price level. This imbalance has led to a breach in what was previously considered a robust support zone around $68,000. Related Reading: Hedge Funds Heavily Betting For Bitcoin To Fall: Will This Strategy Fail? The analysts elaborated on the situation, “Volatility has made a comeback, with BTC dropping as much as 3.5% to a low of $67k since yesterday. This selloff was primarily driven by heavy spot selling pressure, which is quite negative. A major concern is the lack of liquidations while the selloff is happening. BTC is currently in a critical area; the daily structure has been broken. BTC needs to bounce here, or it\u2019s very likely we’ll fall back to the lower $60ks.\u201d #3 Inflow Streak In Spot Bitcoin ETF Inflows Ends The investment dynamics within spot Bitcoin ETFs have also reflected the market\u2019s bearish turn. After 19 consecutive days of positive inflows, these funds experienced significant outflows totaling $64.9 million yesterday. Notable among these was the Grayscale Bitcoin Trust, which saw outflows of $39.5 million. In contrast, BlackRock registered smaller inflows of $6.3 million. The performance of other ETF providers showed considerable variation. Fidelity recorded outflows amounting to $3 million, while Bitwise registered inflows of $7.6 million. In contrast, Invesco experienced outflows of $20.5 million, and Valkyrie also reported outflows totaling $15.8 million. At press time, BTC traded at $66,967. Featured image created with DALL\u00b7E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":615265,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,656,679,1122,91854,91855],"class_list":["post-615251","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc-price","tag-why-is-bitcoin-down-today","tag-why-is-bitcoin-price-down-today"],"acf":[],"yoast_head":"\n
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Through his extensive work with uniquehot.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/uniquehot.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Crashes Below $67,000: Key Reasons","url":"http:\/\/uniquehot.com\/news\/bitcoin-price-crashes-below-67000-key-reasons\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-price-crashes-below-67000-key-reasons\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-11-12.50.19-A-wide-format-illustration-for-a-news-report-titled-Bitcoin-Price-Crashes-Below-67000_-Key-Reasons.-The-image-features-a-large-detailed-Bitcoin-p.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-11-12.50.19-A-wide-format-illustration-for-a-news-report-titled-Bitcoin-Price-Crashes-Below-67000_-Key-Reasons.-The-image-features-a-large-detailed-Bitcoin-p.png?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc price","why is bitcoin down today","why is bitcoin price down today"],"dateCreated":"2024-06-11T15:00:06Z","datePublished":"2024-06-11T15:00:06Z","dateModified":"2024-06-11T16:29:33Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Crashes Below $67,000: Key Reasons\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-crashes-below-67000-key-reasons\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-price-crashes-below-67000-key-reasons\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DALL\\u00b7E-2024-06-11-12.50.19-A-wide-format-illustration-for-a-news-report-titled-Bitcoin-Price-Crashes-Below-67000_-Key-Reasons.-The-image-features-a-large-detailed-Bitcoin-p.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DALL\\u00b7E-2024-06-11-12.50.19-A-wide-format-illustration-for-a-news-report-titled-Bitcoin-Price-Crashes-Below-67000_-Key-Reasons.-The-image-features-a-large-detailed-Bitcoin-p.png?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc price\",\"why is bitcoin down today\",\"why is bitcoin price down today\"],\"dateCreated\":\"2024-06-11T15:00:06Z\",\"datePublished\":\"2024-06-11T15:00:06Z\",\"dateModified\":\"2024-06-11T16:29:33Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-11-12.50.19-A-wide-format-illustration-for-a-news-report-titled-Bitcoin-Price-Crashes-Below-67000_-Key-Reasons.-The-image-features-a-large-detailed-Bitcoin-p.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/615251"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=615251"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/615251\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/615265"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=615251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=615251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=615251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Bitcoin](\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/06\/GPyMHTlWkAAgDwZ.png?resize=1529%2C907\")
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