Why Is Bitcoin’s Price Down 4% to $68K Now?
Bitcoin’s impressive price surge to $74,000 earlier this week came to a somewhat expected halt, and the asset has lost $6,000 since then, dropping to and under $68,000 today.
The latest price slip came after the US jobs report that came out on Friday and Trump’s new set of threats against Iran and Cuba.
The report, published earlier today, indicated that the country lost 92,000 jobs in February and the unemployment rate rose to 4.4%. This meant that the nation’s labor market had lost steam last month, which contrasted with experts’ expectations. Most anticipated before the report went out that the US had gained around 60,000 jobs last month.
The second reason behind the price correction today could be linked to the new remarks from the POTUS. At first, he threatened Cuba, indicating that the country’s regime is “going to fall pretty soon.”
He added that the US is currently focused on the war against Iran, but they want to make “a deal badly” and suggested that Marco Rubio could handle the negotiations with Cuba.
Additionally, while weighing in on the situation with Iran, Trump said there will be no deal with the Middle Eastern country. Instead, he wanted “unconditional surrender.”
The analysts from the Kobeissi Letter, though, outlined a similar development last year when the US attacked Iran again. At the time, the POTUS made the same strong statement on his social media platform, but the two sides made a deal just six days later.
Unlike BTC, which is down by 4% in the past 24 hours, US oil prices have skyrocketed in the past several hours after Trump’s statements, going past $92 per barrel. USOIL now trades at its highest levels since September 2023.
The post Why Is Bitcoin’s Price Down 4% to $68K Now? appeared first on CryptoPotato.
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