Crypto Market Sees Decline on July 4 Amid Economic and Trade Concerns
On Friday, July 4, Bitcoin and most altcoins experienced a downturn. Investors took profits, trade worries returned, and hopes for a Federal Reserve interest rate cut faded.
Bitcoin’s price fell to $107,800,a notable drop from its recent high of $110,200. among the altcoins, SPX6900, Ethena, Dogwifhat, and Pepe saw the biggest losses.
The decline was likely due to the latest U.S. jobs report. The Bureau of Labor Statistics revealed that 147,000 jobs where added in June, and the unemployment rate dropped to 4.2%. These figures were better than expected, suggesting the Federal Reserve might not cut interest rates in July.
Interest rate cuts usually boost Bitcoin and altcoins. However, the strong jobs data may delay this cut. Additionally, the July 7 deadline for new tariffs looms, with unresolved deals with key trading partners like Japan and the EU.
The U.S. independence Day holiday also reduced trading activity.
Some traders locked in gains from the recent rally, causing a decline in volume. However, Bitcoin’s strong fundamentals, rising ETF demand, and falling supply on exchanges suggest a potential rebound.
