Crypto Market Correction: Bitcoin and Altcoins See Significant Losses
The crypto market took a hit in the last 24 hours, losing over $96 billion as major cryptocurrencies faced corrections. Bitcoin, the leading cryptocurrency, saw a sharp drop to $68,507 before settling at $69,321, marking a 2.57% decrease from the previous day. The 24-hour trading volume for Bitcoin also decreased by more than 4% to $28.1 billion.
This correction followed Bitcoin hitting a multi-week high of $72,000 on June 7, after maintaining a price above $70,000 for several days. Despite the dip, Bitcoin’s market capitalization fell to $1.366 trillion, with its dominance over altcoins increasing to 53.8%.
Altcoins also experienced losses, with Ethereum dropping 3.11% to below $3,700, BNB falling from over $710 to just above $683, and Solana decreasing by more than 6%. Other top cryptocurrencies like Dogecoin, Avalanche, Chainlink, Polkadot, NEAR Protocol, Uniswap, and Polygon also saw significant drops in their prices.
The cumulative market cap of all crypto assets has now reached $2.54 trillion on CoinMarketCap, shedding over $96 billion since the peak. Analysts attribute this drop to a stronger-than-expected U.S. non-farm payroll report for May, which added 272,000 new jobs and strengthened the U.S. dollar, reducing hopes for a Federal Reserve interest rate cut.
In a contrasting view, Bitcoin advocate Samson Mow suggested a bullish scenario for Bitcoin, proposing that GameStop should add Bitcoin to its corporate treasury. This move, according to Mow, could create a “double bullish thesis” leading to significant price increases for both Bitcoin and GameStop shares. This sentiment coincided with analyst Keith Gill, also known as “Roaring Kitty,” hosting a livestream focusing on GameStop’s future.