Why Bitcoin and Altcoins Are Falling: The Worst Data in a Year Comes from the USA! - Coin Bulletin

With the recent economic data from the US not meeting expectations, the price of Bitcoin (BTC) has fallen below 93 thousand dollars, and in the last hour, 119 million dollars worth of positions were liquidated in the market.

Recent economic indicators are filled with bad surprises for cryptocurrency investors. During the day, Bitcoin (BTC) rose above 95 thousand dollars, giving hope to investors, but lost approximately 2% in value as fears of stagflation in the US economy increased, dropping below 93 thousand dollars. On the other hand, the largest altcoin in the market, Ethereum (ETH), fell to levels around 1,740 dollars.

The GDP data for the first quarter announced by the US showed a contraction of 0.3%, which was significantly below economists’ positive expectations of 0.2%. The trade deficit, caused by companies increasing imports early due to the upcoming tariffs, severely pulled down the economy. This situation means a loss of about 5% in the growth rate.

Another important development that demoralized the cryptocurrency market was the private sector employment data released in the United States. According to the report published by ADP, only 62 thousand new jobs were created in April. While this figure was the worst performance in the last year, it was well below the market’s expectation of 108 thousand.

The selling wave has intensified in US markets; Nasdaq lost %2, S&P 500 lost %1.5. Cryptocurrencies have been significantly affected by the decline in stocks due to their correlation with the stock market.

Due to the sharp fluctuations experienced in the cryptocurrency markets in the last hour, approximately 119 million dollars worth of positions were liquidated. It seems that the new economic data to be announced in the coming days will continue to be closely monitored by Bitcoin and altcoin investors.