Bitcoin’s drop of 2.8% to 109,882 USD resulted in significant liquidations worth 940 million USD, primarily from long positions. This was triggered by the political fallout from President Trump’s firing of Fed Governor Lisa Cook.
Investors are attentive to upcoming U.S. Economic data, including revisions of second-quarter GDP and core PCE inflation, which could influence the Fed’s interest rate decisions in September. Historically, breaching the 110,800 USD threshold has led to market downturns.
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