Crypto market experienced a sudden upheaval when Bitcoin's decline led to sharper losses in altcoins, amplified by unfavorable macroeconomic data. QCP Capital's analysis indicates that the sell-offs, influenced by US economic data, offer a buying opportunity. The market reacted strongly to the data released on Friday, resulting in significant price plunges. The unexpected sell-offs were triggered by May's Non-Farm Payroll data surpassing expectations by 100,000 jobs. Bitcoin's price dropped from $72,000 to $68,500 without significant recovery, while altcoins struggled to bounce back. Global central banks reducing interest rates contrast with the US's challenges in following suit. FedWatch foresees unchanged rates and diminished expectations for rate cuts this year. Investors are advised to track macroeconomic indicators, central bank policies, and market sentiment shifts for strategic decision-making in the volatile cryptocurrency space.
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