The Fed's Hawkish Shift.
The market's sharp downturn was triggered by stronger-than-expected U.S. labor market data. Nonfarm payrolls for May jumped by 172,000, significantly above the forecast of 85,000, fueling expectations that the Federal Reserve may delay interest rate cuts. Treasury yields surged, the Nasdaq 100 dropped nearly 5%, and the S&P 500 lost 2.6%. Furthermore, a rotation of capital toward AI-linked equities and high-profile tech IPOs is pulling liquidity away from crypto assets.
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