Ethereum
Here’s why Bitcoin, ETH, SOL, XRP, DOGE are sliding today
The crypto market has seen a sharp decline today, with major cryptocurrencies such as Bitcoin, ETH, BNB, SOL, XRP, and DOGE, among others, experiencing a decline. Notably, the sudden change in sentiment that occurred earlier this week sparked discussions in the crypto market about the potential reason for the sell-off. As a reminder, the market expected a new high for the price of Bitcoin in the near future, while maintaining a bullish outlook for altcoins.
Reasons behind the recent crypto market sell-off
Market sentiment has been bullish as of late, as evidenced by the recent surge in cryptocurrency prices this week. However, despite the positive momentum seen throughout the week, sentiment appears to have shifted through Friday, triggering a sell-off in the crypto market.
Meanwhile, the panic in the market begins right after the US employment data published by the Ministry of Labor on Friday June 7. The latest labor market report showed that the United States added 272,000 jobs in May, a massive spike from the previous month as well as market forecasts.
Although the unemployment rate also rose to 4% last month from 3.9% in April, strong nonfarm payrolls data weighed on investor sentiment. As a reminder, strong non-farm payrolls data dampened hopes of a possible interest rate cut by the US Federal Reserve, sparking concerns in the broader financial sector, not to mention the market of cryptography.
Plus, the latest move from the leading meme stock GameStop (GME) The $175 million stock sale also sparked concerns in the broader market. GME stock closed down almost 40% on Friday, June 7. coins
like GME, DOGE, SHIB and others also saw a sharp decline.
Read also: Why is the price of Bitcoin falling sharply today
And after?
The recent volatility of cryptocurrency The market led to massive liquidations. According to CoinGlass data, a total of 147,330 traders were liquidated in the last 24 hours, with total losses amounting to $411.25 million.
Notably, the largest liquidation took place on OKX, involving an ETH-USD-SWAP worth $5.20 million. This wave of liquidations highlights the current market turmoil and associated risks for traders amid rapid price fluctuations.
Meanwhile, the global crypto market cap fell 3.47% to $2.55 trillion on concerns over falling rates. Bitcoin Price slipped 2.81% to $69,275.03, while Ethereum Price fell 3.6% to $3,681.7. Simultaneously, Solana Price plunged 6% to $162.11, with XRP Price down 5% to $0.4998.
However, despite this, some investors remain optimistic about a potential rebound, the US Spot Bitcoin ETF noting a significant influx. During the current week, US Spot Bitcoin ETFs saw a net inflow of $1.8 billion, reflecting institutional interest in the flagship crypto.
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