Bitcoin Drops to $106,175 as Tech Stocks Weigh on Crypto Markets
Bitcoin declined about 1% to $106,175 amid weakness in U.S. tech stocks, which affected crypto markets. The drop followed a record monthly close above $107,000 in June as traders took profits.
Key points:
- Tesla and Nvidia shares fell significantly, contributing to a 0.6% drop in the Nasdaq.
- Tesla's stock decreased by 5.4% due to renewed tensions between Donald Trump and Elon Musk.
- Major altcoins like Solana, Cardano, and Avalanche saw steep declines; Solana dropped 6% after a recent spike related to ETF news.
Powell's Comments on Rate Cuts
Federal Reserve Chairman Jerome Powell emphasized patience regarding monetary policy, suggesting that a July rate cut may not be imminent despite differing views within the Fed. He noted that the upcoming employment report could influence decisions, with economists predicting an increase of 110,000 jobs in June.