Markets
Crypto Market Plunges $96 Billion After Strong US Jobs Report
In the last 24 hours, the crypto market lost over $96 billion with major cryptocurrencies including Bitcoin (Bitcoin) and Ethereum (ETH), faced fixes.
Bitcoin, the leading cryptocurrency, suffered a sharp drop to an intraday low of $68,507. At the time of publication, the cryptocurrency was quoted at US$69,321 – a drop of 2.57% compared to the previous 24 hours.
Additionally, Bitcoin’s 24-hour trading volume fell more than 4% to $28.1 billion.
The correction came with Bitcoin hitting a multi-week high of $72,000 on June 7 after remaining above $70,000 for several days.
24-hour Bitcoin price chart | Source: CoinMarketCap
After the crash, Bitcoin’s market capitalization fell to $1.366 trillion, although its dominance over altcoins increased to 53.8% as they took much larger hits.
Altcoins in the red
Among the top 100 cryptocurrencies, there were no notable gainers, with most of them recording losses between 1.03% and 14.52%.
Ethereum fell 3.11% to below $3,700. BNB, the fourth-largest cryptocurrency by market cap, fell from over $710 to just over $683, and Solana (SUN) fell more than 6%.
The number one meme coin by market value:
- Dogecoin (DOGE), fell 8.85%
- Avalanche (AVAX) fell 9.95%
- Chain link (LINK) lost 9.16% in relation to its price.
- Polka dot (POINT) fell 10.24%
- NEAR Protocol (CLOSE) shaved 9.01%
- Uniswap (UNI) fell 5.31%
- Polygon (MATIC) fell 9.01%.
Overall, the cumulative market capitalization of all crypto assets has fallen by more than $96 billion since yesterday’s peak. It is now at $2.54 trillion on CoinMarketCap.
Analysts suggested the decline may have been influenced by a stronger-than-expected U.S. nonfarm payroll (NFP). report for May, which created 272,000 new jobs and strengthened the US dollar.
The report dampened hopes of a Federal Reserve interest rate cut, negatively impacting the price of Bitcoin and overall market sentiment.
Double bullish thesis for BTC
Elsewhere, Bitcoin advocate Samson Mow turned to X to suggest a new bullish scenario for Bitcoin.
He proposed that gaming merchandise retailer GameStop add Bitcoin to its corporate treasury, which he believes could create a “double bull thesis” that could lead to significant price increases for both Bitcoin and GameStop shares. .
Mow’s sentiment coincided with analyst and social media personality Keith Gill, aka “Roaring Kitty,” hosting his first live broadcast in three years focusing on the future of GameStop.