Bitcoin, which touched $72,000 today, turned the tables in the evening hours. The declines, which started at 03.30 p.m., deepened in the following hours and the price dropped to $68,400.

Why is Bitcoin falling?

The reason for the decline in Bitcoin is that the US non-farm employment data released today came in above expectations. With the data announced at 03.30 p.m, it was reported that there was a 272 thousand increase in employment in May. The expectation was that this figure would be 182 thousand.

The fact that employment far exceeded the forecasts dashed the hopes that the Fed might cut interest rates in July and caused the dollar to gain value. In addition, markets are now pricing the possibility of a rate cut in September at 45 percent. Before the employment data was released, this rate was 56 percent.

On the other hand, sales in some cryptocurrencies deepened with the Youtube live broadcast of GameStop phenomenon Roaring Kitty. The phenomenon did not make a sensational announcement or statement as expected in the live broadcast, which more than 600 thousand people watched instantly. GameStop shares then lost more than 40% of their value. The decline in the meme coin of the same name, GME, exceeded 50%, while many meme coins also suffered double-digit value losses.

Finally, the decline in Bitcoin led to the loss of $400 million in leveraged positions. According to Coinglass, the number of users who suffered losses in the derivatives market approached 150 thousand.