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Crypto Market Selloff: Major Cryptos Experience Sharp Decline

The cryptocurrency market has experienced a sharp selloff today, with major coins like Bitcoin, Ethereum, Solana, XRP, and DOGE losing much of their recent gains.

Crypto Market Selloff Explained

Today’s cryptocurrency market witnessed a significant downturn, impacting major players such as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), XRP, and Dogecoin (DOGE). The sudden shift in market sentiment has sparked discussions about the potential causes behind this selloff.

Earlier this week, the market was optimistic, expecting Bitcoin to reach new highs soon and maintaining a bullish outlook for altcoins.

Reasons Behind the Recent Crypto Market Selloff

Despite the positive momentum seen throughout the week, market sentiment shifted dramatically on Friday, leading to a significant selloff. This panic started after the U.S. Labor Department released its job data on June 7. The report showed that the U.S. added 272,000 jobs in May, a substantial increase from the previous month and higher than market forecasts.

However, the unemployment rate also rose to 4% in May from 3.9% in April. This strong non-farm payroll data has dampened investor hopes for a potential interest rate cut by the U.S. Federal Reserve, sparking concerns across the broader financial sector, including the crypto market.

Additionally, the decision by meme stock GameStop (GME) to sell $175 million in shares has further unsettled the market. GME stock closed down nearly 40% on June 7, leading to a sharp decline in leading meme coins like DOGE and SHIB.

What’s Next?

The recent volatility in the cryptocurrency market has led to massive 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 occurred on OKX, involving an ETH-USD swap worth $5.20 million. This wave of liquidations highlights the ongoing market turbulence and associated risks for traders amid rapid price fluctuations.

The global crypto market cap slipped 3.47% to $2.55 trillion amid rate-cut concerns. Bitcoin’s price dropped 2.81% to $69,275.03, while Ethereum’s price fell 3.6% to $3,681.70. Solana’s price plunged 6% to $162.11, and XRP’s price fell 5% to $0.4998.

Despite this downturn, some investors remain optimistic about a potential rebound. The U.S. Spot Bitcoin ETF has seen a significant influx, with a net inflow of $1.8 billion this week, reflecting continued institutional interest in Bitcoin.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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