Today, the crypto market experienced a significant downturn, with major cryptocurrencies such as Bitcoin, ETH, BNB, SOL, XRP, and DOGE all seeing a decline. This sudden shift in market sentiment has raised questions among investors about the reasons behind the selloff. Earlier in the week, there was optimism in the market, with expectations of new highs for Bitcoin and a bullish outlook for altcoins.
Causes of the Recent Crypto Market Decline
Despite the positive momentum seen in crypto prices throughout the week, the sentiment took a turn on Friday, leading to a mass selloff in the market. The trigger for this change in sentiment was the release of the U.S. job data by the Labor Department on June 7. The report showed a significant increase of 272,000 jobs added in May, surpassing market forecasts.
Although the unemployment rate also rose to 4% from 3.9% in April, the strong job data has affected investor sentiment. The possibility of the U.S. Federal Reserve not cutting interest rates as previously anticipated has caused concern in both the financial sector and the crypto market.
Furthermore, the announcement by GameStop to sell $175 million in shares and the subsequent drop in its stock price by nearly 40% on June 7 also had a ripple effect on meme coins like GME, DOGE, and SHIB, leading to a sharp decline.
What Comes Next?
The recent volatility in the crypto market has resulted in a high number of liquidations. According to CoinGlass data, 147,330 traders were liquidated in the last 24 hours, with total losses amounting to $411.25 million. The largest single liquidation on OKX involved an ETH-USD-SWAP worth $5.20 million, highlighting the risks for traders amidst market turbulence.
Despite the market downturn, some investors remain hopeful for a rebound, as seen with the influx of $1.8 billion into U.S. Spot Bitcoin ETFs throughout the week. This reflects ongoing institutional interest in Bitcoin, despite the current challenges in the market.
The global crypto market cap dropped by 3.47% to $2.55 trillion, with Bitcoin price slipping 2.81% to $69,275.03, Ethereum price falling 3.6% to $3,681.7, Solana price plunging 6% to $162.11, and XRP price decreasing by 5% to $0.4998. While uncertainties remain, there are still signs of optimism among investors amidst the market fluctuations.
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