Crypto market plunges $96b following strong US jobs report

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

Bitcoin, the leading cryptocurrency, saw a sharp drop to an intraday low of $68,507. At the time of going to press, the cryptocurrency was priced at $69,321 — a 2.57% dip from the previous 24 hours.

Additionally, Bitcoin’s 24-hour trading volume went down by more than 4% to $28.1 billion.

The correction came on the back of Bitcoin hitting a multi-week high of $72,000 on June 7, after staying above $70,000 for several days. 

Following the dip, Bitcoin’s market capitalization fell to $1.366 trillion, though its dominance over altcoins increased 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 registering losses between 1.03% and 14.52%.

Ethereum is down 3.11% to below $3,700. BNB, the fourth-largest crypto by market cap, has dropped from over $710 to just above $683, and Solana (SOL) has fallen by more than 6%. 

The number one meme coin by market value:

• Dogecoin (DOGE), is down 8.85%
• Avalanche (AVAX) is down by 9.95%
• Chainlink (LINK) lost 9.16% from its price.
• Polkadot (DOT) dropped 10.24%
• NEAR Protocol (NEAR) shaved 9.01%
• Uniswap (UNI) went down 5.31%
• Polygon (MATIC) dropped by 9.01%.

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

Analysts have suggested the drop may have been influenced by a stronger-than-expected U.S. non-farm payroll (NFP) report for May, which added 272,000 new jobs and strengthened the U.S. dollar.

The report reduced hopes for a Federal Reserve interest rate cut, negatively impacting Bitcoin’s price 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 merchandise retailer GameStop should add Bitcoin to its corporate treasury, which, in his opinion, could create a “double bullish thesis” that could lead to significant price increases for both Bitcoin and GameStop shares.