Markets
Crypto Market Plunges $96 Billion Following Strong US Jobs Report
Over the past 24 hours, the crypto market has lost over $96 billion due to major cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH), have been subject to corrections.
Bitcoin, the leading cryptocurrency, saw a sharp decline to hit an intraday low of $68,507. At press time, the cryptocurrency’s price was $69,321, down 2.57% from the previous 24 hours.
Additionally, Bitcoin’s 24-hour trading volume decreased by more than 4% to $28.1 billion.
The correction came after Bitcoin hit a multi-week high of $72,000 on June 7, after remaining above $70,000 for several days.
Bitcoin 24-hour price chart | Source: CoinMarketCap
After the drop, Bitcoin’s market cap fell to $1.366 trillion, although its dominance over altcoins rose to 53.8% as they took much bigger hits.
Altcoins in the red
Among the top 100 cryptocurrencies, there were no notable gainers, with most of them seeing losses between 1.03% and 14.52%.
Ethereum is down 3.11% below $3,700. BNB, the fourth largest crypto by market cap, fell from over $710 to just over $683, and Solana (GROUND) fell by more than 6%.
The number one coin in terms of market value:
- Dogecoin (DOGE), is down 8.85%
- Avalanche (AVAX) is down 9.95%
- Chain link (LINK) lost 9.16% of its price.
- Peas (POINT) fell 10.24%
- NEAR protocol (CLOSE) shaved 9.01%
- Uniswap (United) fell by 5.31%
- Polygon (MATIC) fell 9.01%.
Overall, the cumulative market capitalization of all crypto assets has lost over $96 billion since yesterday’s peak. It now stands at $2.54 trillion on CoinMarketCap.
Analysts suggest this decline may have been influenced by stronger-than-expected U.S. nonfarm payrolls (NFP). report for May, which created 272,000 new jobs and strengthened the US dollar.
The report lowered hopes for an interest rate cut from the Federal Reserve, which negatively impacted the price of Bitcoin and overall market sentiment.
Double bullish thesis for BTC
Elsewhere, Bitcoin advocate Samson Mow took to X to suggest a new bullish scenario for Bitcoin.
He proposed that gaming retailer GameStop add Bitcoin to its corporate treasury, which he believes could create a “bullish dual thesis” that could lead to significant price increases for both Bitcoin and GameStop shares. .
Mow’s sentiment coincided with that of analyst and social media personality Keith Gill, also known as “Roaring Kitty,” who held his first livestream in three years, focusing on the future of GameStop.