Crypto market plunges $96b following strong US jobs report

The crypto market lost more than $96 billion in the last 24 hours as major cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) faced corrections.

Leading cryptocurrency Bitcoin saw a sharp decline to its intraday low of $68,507. At press time, the cryptocurrency was priced at $69,321, down 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 as 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

Following the crash, Bitcoin’s market cap fell to $1.366 trillion, but its dominance over altcoins rose to 53.8% as it took much bigger hits.

Altcoins are in the red

There have been no notable gains among the top 100 cryptocurrencies; most recorded 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 $710 to just over $683, and Solana (SOL) fell more than 6%.

The number one meme coin by market cap:

Dogecoin (DOGE) fell 8.85% Avalanche (AVAX) fell 9.95% Chainlink (LINK) lost 9.16% in price. Polkadot (DOT) down 10.24% NEAR Protocol (NEAR) down 9.01% Uniswap (UNI) down 5.31% Polygon (MATIC) down 9.01%.

Overall, the cumulative market cap of all crypto assets has lost over $96 billion since yesterday’s peak. It currently sits at $2.54 trillion on CoinMarketCap.

Analysts suggested the decline may have been influenced by a stronger-than-expected May US nonfarm payrolls (NFP) report, which added 272,000 new jobs and strengthened the US dollar.

The report negatively impacted Bitcoin’s price and overall market sentiment by dampening hopes for a rate cut by the Federal Reserve.

Double bullish thesis for BTC

Elsewhere, Bitcoin advocate Samson Mow tapped X to suggest a new bullish scenario for Bitcoin.

He suggested that gaming retailer GameStop should add Bitcoin to its corporate treasury; This could create a “double bullish thesis” that could lead to significant price increases for both Bitcoin and GameStop shares.

Mow’s thoughts echo that of analyst and social media personality Keith Gill, also known as “Roaring Kitty,” who hosted his first livestream in three years focusing on GameStop’s future.