- BTC rate is now $26,783
- The stock market also turned red
- This was influenced by a number of negative news
Bitcoin started the first day of summer with a fall of 3.17%. The main cryptocurrency is currently trading at $26,783.
As a result, BTC ended May with a loss of 4.96%. This was the first monthly decline since the beginning of the year.
Ethereum and all the top 10 cryptocurrencies are also in the red. ETH fell 2.23% to $1.855.
The total market capitalization of cryptocurrencies has fallen by 2.42% in the last 24 hours to $1.13 trillion. At the same time, the market volume increased by 16.96% to $35.85 billion in 24 hours.
Reasons for the decline
Reddened not only the charts of cryptocurrencies, but also US stock indices. The reason was stronger reports from the US Department of Labor than expected.
According to them, in April there were 10.1 million vacancies in April. This figure exceeds analysts’ expectations of 9.375 million. The report also recorded a decrease in the number of layoffs compared to the previous month by 264,000 people.
On Monday, in the economic calendar, we wrote in detail why strong data on the labor market is now negatively affecting. They may be the reason for the Fed to raise interest rates again in June. A large number of jobs shows that the fight against inflation is still not working.
Other news also influenced the market downturn. This is a general nervousness in the run-up to the vote in the US Congress on the approval of the debt ceiling. And also the news that Binance plans to lay off 20% of the staff.