Bitcoin fell to 106 thousand dollars: Markets are watching Trump’s tax bill and US data

The crypto currency market declined with investors reduced their risks before the upcoming macroeconomic data. Bitcoin (BTC), 1 %in the last 24 hours to 106.013 dollars, while Ethereum (ETH) was traded at $ 2.5 %with 2.5 %loss.

According to the data, the GMCI 30 index, which followed the 30 largest crypto assets, experienced a 2 %decrease. While liquidity remains weak in the market, investors shrink their positions before the US employment data, which will be announced on Thursday.

“Markets are still in the consolidation process. Investors are waiting for clarity about unemployment applications and general macroeconomic course. Liquidity is weak for now, the position is patient,” he commented, “Markets are still in the consolidation process.

Trump’s tax bill and Fed uncertainty

According to LVRG Research Director Nick Ruck, another reason for the last withdrawal in Bitcoin was the adoption of President Trump’s tax bill in the US Senate. The bill includes deduction in public expenditures such as Medicaid and large -scale tax cuts.

The tax exemption article of the bill, which is important for the crypto sector, was not included in the final package. This development brought new concerns about the US budget deficit and economic activity among investors.

This week on Thursday, the US Department of Labor, May Jolts (Jobs and Labor Circulation Survey), June will announce critical data such as non -agricultural employment change and unemployment rate.

FED and liquidity conditions

On the other hand, Speaking at the forum organized by the European Central Bank, the US Federal Bank (FED) President Jerome Powell said that interest rate cut decisions would be completely dependent on data, but did not give a clue to the timing.

“Macro data and the progress of Trump’s tax law in Congress, the main factors that will determine the general aspect of risky assets. The crypto market is also directly affected by this wave,” said Peter Chung.

According to Chung, another important issue is the liquidity conditions: “Early signals indicate that there may be a serious improvement in liquidity in the near term.”

Despite this decline in the crypto market, Chung said that these price movements should not exaggerate:

“Compared to the traditional world of finance, these movements may seem great, but it is quite normal for the crypto. As a general rule, divide the crypto price movements into five, here is the equivalent of the stock market.”