Bitcoin falls to around $106,000 as traders reduce risk ahead of key US data release

According to a report by Jinse Finance, The Block's price page shows that Bitcoin has dropped 1% in the past 24 hours to $106,013, while Ethereum has fallen 2.5% to trade at $2,423. The Block GMCI 30 Index, which tracks the performance of the top 30 cryptocurrencies, declined by 2%. Vincent Liu, Chief Information Officer at Kronos Research, stated: "The market is still in a cooling and consolidation phase, with participants waiting for clarity from the initial jobless claims data to be released on July 3 or broader macroeconomic solutions. Currently, market liquidity remains weak and positions are being maintained cautiously." Nick Ruck, Head of LVRG Research, noted that Bitcoin's decline is due to traders hedging risks ahead of the release of key U.S. economic data. In addition, the passage of Trump's tax bill in the Senate has raised concerns about the U.S. deficit and the effectiveness of the legislation.