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Cryptocurrency Market Drops by $96 Billion Following Strong US Jobs Report
In the last 24 hours, the cryptocurrency market has lost more than $96 billion as major cryptocurrencies, including Bitcoin (Bitcoin) and Ethereum (ET), have undergone corrections.
Bitcoin, the leading cryptocurrency, saw a sharp decline to an intraday low of $68,507. At press time, the cryptocurrency was priced at $69,321, a decline of 2.57% from the previous 24 hours.
Additionally, Bitcoin’s 24-hour trading volume fell 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.
24-hour Bitcoin price chart | Source: CoinMarketCap
After the drop, Bitcoin’s market capitalization fell to $1.366 trillion, although its dominance over altcoins increased to 53.8% as they took much bigger hits.
Altcoins in red
Among the top 100 cryptocurrencies there were no noteworthy gains, most of them recorded losses between 1.03% and 14.52%.
Ethereum collapses 3.11% below $3,700. BNB, the fourth largest cryptocurrency by market capitalization, fell from over $710 to just over $683, and Solana (SOL) decreased by more than 6%.
The number one meme coin by market value:
- Dogecoin (DOGE), is down 8.85%
- Avalanche (AVAX) is down 9.95%
- Sweater (CONNECTION) lost 9.16% from its price.
- Polka dot (POINT) fell by 10.24%
- NEAR protocol (NEAR) shaved 9.01%
- Uniswap (UNI) fell by 5.31%
- Polygon (MATIC) decreased by 9.01%.
Overall, the cumulative market capitalization of all cryptocurrencies has lost over $96 billion since yesterday’s peak. It now stands at $2.54 trillion on CoinMarketCap.
Analysts suggested the decline may have been influenced by stronger-than-expected U.S. nonfarm payrolls (NFP) numbers relationship in May, which created 272,000 new jobs and strengthened the US dollar.
The report reduced hopes of an interest rate cut by the Federal Reserve, negatively impacting 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 said could create a “dual 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, also known as “Roaring Kitty,” hosting his first live stream in three years, focusing on the future of GameStop.