U.S. Nonfarm Payrolls Eyed as Bitcoin Heads for Largest Weekly Loss Since FTX's Collapse
What is the expected job addition figure for June?
The expected job addition figure for June is 190,000, according to the consensus forecast of economists surveyed by FactSet. This would be a significant moderation from May's 272,000 additions, while maintaining the jobless rate steady at 4%.
How much did bitcoin's value drop early Friday?
Bitcoin's value dropped below $54,000 early Friday due to reports of the defunct exchange Mt. Gox moving BTC worth $2.6 billion, supposedly for creditor repayments. This decline marked a 13% decrease for the week, the largest single-week percentage decline since FTX's collapse in November 2022.
What triggered Bitcoin's recent price decline?
Bitcoin's recent price decline was triggered by multiple factors, including the German government's plan to liquidate a substantial Bitcoin holding, a decrease in activity by big investors (whales), the announcement of repayments by defunct exchange Mt4. Gox, and cascading liquidations in the derivatives market. These events contributed to market volatility and a shift in investor sentiment.