In the last 24 hours, the crypto market lost more than $96 billion as major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), faced corrections.
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 report reduced hopes for a Federal Reserve interest rate cut, negatively impacting Bitcoin’s price and overall market sentiment.
Double bullish thesis for BTCElsewhere, Bitcoin advocate Samson Mow took to X to suggest a new bullish scenario for Bitcoin.
The double bullish thesis is @GameStop adds #Bitcoin to its corporate treasury.
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.
Bitcoin 24-hour price chart | Source: CoinMarketCap
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.
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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.
The double bullish thesis is @GameStop adds #Bitcoin to its corporate treasury. Both $GME and $BTC will see Godzilla candles immediately. pic.twitter.com/VAaXIxBty4 — Samson Mow (@Excellion) June 7, 2024
Mow’s sentiment coincided with analyst and social media personality Keith Gill, also known as “Roaring Kitty,” hosting his first livestream in three years, focusing on GameStop’s future.
