Cryptocurrency experts name the reason for the sharp drop in bitcoin

After the publication of the Active Data Platform (ADP) Blowout report, the price of the flagship asset BTC $62,665.94 Bitcoin -0.36% Market capitalization $1.24 trillion VOL. 24 hours $1.27 billion fell to $ 30,600. The company’s researchers assured the public that the US Federal Reserve will continue to raise rates. Traders say there is a 94% probability that the agency will increase the rate by 25 basis points at the end of July.

Immediately after the release of the ADP report, BTC quotes lost about 2%. Analysts noted that a partial pullback from the 13-month high of $ 31,500 occurred after the US employment report was published. The data in the document showed that 497,000 jobs were added in the private sector in June, which is more than double the forecast of 220,000.

Stock market traders also reacted negatively to the ADP news. Futures tied to the S&P 500 index were trading 0.9% below yesterday’s levels, while Nasdaq quotes were down 1.1%. Gold was available for purchase 0.5% cheaper than a day earlier. The precious metal was available for $ 1,905 per ounce. Finally, the US dollar index (DXY) remained virtually unchanged at 103.24.

At the time of writing, the main cryptocurrency BTC $62,665.94 Bitcoin -0.36% Market capitalization $1.24 trillion VOL. 24 hours $1.27 billion is trading at $ 30,091, which is 2.42% lower than yesterday. The market capitalization of the coin is $ 632.4 billion, and traders have made daily trading deals worth $ 22.3 billion. Bitcoin’s dominance in the market has dropped by 0.1% to 49.9%.

As a reminder, BlackRock CEO Larry Fink recently said that the flagship asset could revolutionize the financial sector. «…Instead of investing in gold to avoid inflation, burdensome problems, or devaluation, use bitcoin. Let’s be clear — this is an international asset, it is not tied to any currency, which makes it a great alternative,» the top manager emphasized.