Bitcoin Navigates Volatile Markets, Driven by Economic Data

Recent market turbulence has seen Bitcoin’s value plummet to a seven-week low of around $109,000, triggering forced liquidations in the derivatives market. This resulted in an estimated 2% drop in the cryptocurrency market as a whole. Over $900 million in leveraged positions were liquidated in the past 24 hours, mainly caused by long trades, according to CoinGlass data. Experts attribute this short-term market shakeup to growing anxieties surrounding upcoming macroeconomic data releases.