The overall cryptocurrency market experienced a decline over the past 24 hours, with Bitcoin maintaining a steady presence near the $106,000 level as traders take a cautious approach ahead of crucial U.S. economic data releases.
Bitcoin (BTC) slipped 1% in the last day, trading at approximately $106,013, while Ether (ETH) fell 2.5% to around $2,423, according to data from The Block’s price page. The Block’s GMCI 30 index, which tracks the performance of the top 30 cryptocurrencies, dropped 2% over the same period.
“Markets remain in a cooling consolidation period, as participants await clarity from upcoming jobless claims on July 3 or broader macro resolution,” said Vincent Liu, Chief Investment Officer of Kronos Research. “For now, liquidity remains weak, and positioning is patient.”
Nick Ruck, director of LVRG Research, attributed Bitcoin’s recent decline to traders derisking ahead of important U.S. economic releases. Additionally, he pointed to the Senate’s recent passage of President Trump’s tax bill, which has stirred concerns about the U.S. deficit and the bill’s overall effectiveness.
On Tuesday, the Senate approved the tax legislation and sent it to the House for a potential final vote. The bill aims to cut trillions in taxes while reducing Medicaid spending and implementing other fiscal measures. However, a crypto tax provision favored by industry advocates was ultimately excluded from the final version.
Later this week, the U.S. government is scheduled to release a series of labor market reports, including May job openings from the Job Openings and Labor Turnover Survey (JOLTS), as well as June’s non-farm payrolls and unemployment rate.“Macro data and the progress on Trump’s tax bill in Congress would be some of the key things driving overall risk-asset prices, including cryptos,” said Peter Chung, head of research at Presto Research.
Chung also highlighted the importance of monitoring liquidity conditions, noting “early signs that we may potentially see significant improvement.”Federal Reserve Chair Jerome Powell, speaking at the European Central Bank’s forum on Tuesday, reiterated that decisions on interest rate cuts will depend on incoming economic data but offered no clear indication on the timing of such moves.
Despite the recent downturn, Chung advised caution in interpreting crypto price moves. “They might look big by traditional finance standards, but not for crypto,” he said. “A good rule of thumb is to scale down crypto price moves by a factor of five, and that’s your equity market equivalent.”
July 2025, Cryptoniteuae