In the United States, the personal consumer expenditure price index (PCE), which was published on 25 June, was higher than market expectations, resulting in a rapid weakening of risk assets. Bitcoin fell by $60,000 a short time after the opening of the United States stock, touching about 21 months of low, the encryption market synchronized.

The article mentions that within 27 minutes of the opening of the United States stock, the NASDAQ 100 index fell by 1,000 points, evaporating the market value of the Standard 500 index by about $1 trillion. The encrypted assets then followed, and bitcoin fell by about 5 per cent in 30 minutes, and the inn fell to $1 1566, and the XRP fell to $1.03.

PPE data push interest rate expectations

The PCE is the preferred inflation indicator for the Fed. When the data are higher than expected, the market quickly adjusts its judgement of the interest rate path, holding on to higher interest rates for longer periods, even excluding further tightening. For the Encrypted Assets and Growth Unit, this means that funds are more oriented towards assets such as bonds with higher yields.

According to the article, the level of return on the United States Treasury debt was at a high level, prompting some of the funds to be withdrawn from highly volatile assets. After the risk preference had declined, the sale had spread to the stock and encryption market almost immediately after the data had been released.

ETF Flows and liquidations magnified decline

In addition to macro-data shocks, spot bitcoin ETF financial flows were also considered to be an important source of pressure. According to the article, the real bitcoin ETF in the United States had a net outflow of $469 million within 24 hours and seven weeks of net outflows had accumulated around $6 billion, weakening the important purchaser that had supported the price since the beginning of the year.

At the same time, the concentration of leverage silos further magnifies fluctuations. As Bitcoin broke key prices, a large number of multiple positions were passively flat, leading to chain sales. According to the article, approximately $460 million of leverage positions were liquidated within a single hour, with a total round-the-clock liquidation of more than $1 billion, most of them in multiple positions.

  • Bitcoin's latest offer US$ 59,451
  • The total market value of the encryption market dropped to about $2.04 trillion.
  • Fear and greed are down to 16, in extreme fear.

U.S. stock fluctuates rapidly to the encrypted market.

The article also states that the connection of encrypted assets to the United States shares remains high. The rapid decline in the opening of the United States share caused a synchronous sale of risk assets, resulting in a greater drop in bitcoin in a short period of time.

According to the text, the market is concerned about whether the $59,000 line can be stabilized again. If this position is lost, the next area of focus for support is between $55,000 and $57,000.