Crypto market sees $96 billion drop after robust US jobs report

Bitcoin, the leading cryptocurrency, experienced a significant decrease, dropping to an intraday low of $68,507. As of the latest update, the cryptocurrency’s price stood at $69,321, reflecting a 2.57% decline from the previous 24 hours. Furthermore, Bitcoin’s 24-hour trading volume decreased by over 4% to $28.1 billion. This correction followed Bitcoin’s recent surge to a multi-week high of $72,000 on June 7, having maintained levels above $70,000 for an extended period.

In addition to Bitcoin’s decline, Ethereum also saw a 3.11% drop, falling below the $3,700 mark. The collective market cap of all cryptocurrency assets has decreased by over $96 billion since reaching its peak. As a result, it currently stands at $2.54 trillion on CoinMarketCap. The report of reduced expectations for a Federal Reserve interest rate cut has had a negative impact on Bitcoin’s price and overall market sentiment.

These factors have contributed to the market’s current state. In summary, the crypto market has seen significant fluctuations, with Bitcoin and Ethereum experiencing notable declines. The diminishing market cap of all cryptocurrency assets, coupled with the impact of the Federal Reserve interest rate news, has resulted in a challenging environment for the digital currency market.

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