Just hours ago, Bitcoin was trading at $71,000, but a sudden drop has sent shockwaves through the market. Despite a brief resurgence, the anticipated downturn has arrived, leaving investors scrambling to buy at lower levels. But what triggered this dramatic fall?

The answer lies in concerning economic data revealed just before the US markets opened. The Non-Farm Payroll report exceeded expectations by over 20%, while wage increases rose 0.4% monthly, indicating persistent demand inflation. This news sent gold prices tumbling 3% to $2,306, with Bitcoin following suit, plummeting to $69,300.

The implications are significant, casting doubt on a potential Fed rate cut before December. In fact, half of investors now predict a rate cut in September. If strong net outflows are seen in the ETF channel after market close, altcoins may face unfavorable movements over the weekend. Already, BNB Coin has fallen from $700 to $670, nearing the predicted $635 level.

In conclusion, the market is reeling from the unexpected economic data, leading to a sharp decline in Bitcoin and gold prices. Investors are adapting to the new landscape, but the uncertainty surrounding future market movements remains.