On May 10, 2024, Bitcoin (BTC) experienced a nearly 3% decline, losing around $2,000 in value. The cryptocurrency’s market capitalization fell to $1.19 trillion. Market analysts attribute the drop to the release of the latest U.S. economic data.
Just hours earlier, it was revealed that the Consumer Confidence Index fell from 77.2 to 67.4 points in May, marking its lowest level in six months, according to the University of Michigan’s report.
This sharp drop in consumer sentiment may have triggered uncertainty in financial markets, contributing to the sudden decline in Bitcoin’s valuation.