The cryptocurrency market experienced a decline on July 4 as investor sentiment weakened due to new economic data and profit-taking.
Overview of Bitcoin and Altcoin Declines
On Friday, July 4, Bitcoin fell to $107,800, sharply retreating from the week's high of $110,200. Among altcoins, SPX6900, Ethena, Dogwifhat, and Pepe led the losses.
Economic Data and Its Market Impact
The decline in Bitcoin and altcoins occurred following the release of US nonfarm payrolls. According to the Bureau of Labor Statistics, the economy added 147,000 jobs in June while the unemployment rate dropped to 4.2%, exceeding expectations of 100,000 new jobs.
Outlook for Cryptocurrency Recovery
Despite the current downturn, the drop may be temporary. Bitcoin retains strong fundamentals, with rising ETF demand and decreasing supply on exchanges. Positive patterns point to a possible rebound in the near term.
In conclusion, even with falling prices, the cryptocurrency market remains fundamentally robust, which may lead to future growth.
