Bitcoin plunges 3.7% to $66,870; here's why its falling

livemint.com:

Ether gets ETF approval from US regulator; experts predict volatility ahead“A recent batch of labor market figures exceeding expectations has cast doubt on the Federal Reserve's likelihood of cutting interest rates anytime soon. This shift in sentiment has dampened risk appetite, adversely impacting cryptocurrencies.

Bitcoin's attempt to climb above $72K faltered, pulling back below $70K, without accelerating despite breaking downward resistance. Meanwhile, selling pressure remains subdued, indicating a market inclined towards buying," said Rajagopal Menon, VP, WazirX.Other than US inflation and Fed outlook, strong US employment report revealed that 272,000 jobs were added in May, significantly surpassing the forecast of 185,000.

This strong jobs report, coupled with higher-than-expected wage growth, led to a sell-off in stock market futures and a surge in Treasury yields. The prospect of sustained higher interest rates pressured Bitcoin, causing it to fall sharply from a two-month high.“Additionally, there have been significant outflows from U.S.-listed spot bitcoin exchange-traded funds (ETFs).

The ETFs experienced a cumulative outflow of over $64 million, contributing to the downward pressure on the price. The regulatory uncertainty following the European Parliament elections has added pressure on Bitcoin's price.