LIVEBitcoin and Altcoins Take a Tumble: What's Behind the Sudden Decline?
In a shocking turn of events, Bitcoin and altcoins experienced a drastic decline in value, leaving investors reeling. The price of Bitcoin plummeted to $68,000, only to recover slightly to $72,000 later in the day.
*The Culprit Behind the Decline*
So, what triggered this sudden downturn? The answer lies in the US employment data released earlier in the day. The report showed a surprising increase of 272,000 jobs in May, far exceeding expectations of 182,000. This news dashed hopes of a July interest rate cut by the Fed, causing the dollar to gain value and leading to a market correction.
*GameStop and Meme Coins Take a Hit*
Meanwhile, the GameStop phenomenon Roaring Kitty's YouTube live broadcast failed to deliver any sensational announcements, leading to a massive sell-off in GameStop shares (GME) and meme coins. GME lost over 40% of its value, while meme coins like BTC and others suffered double-digit losses.
*Leveraged Transactions Take a Hit*
The decline in Bitcoin also led to a massive liquidation of leveraged transactions, with over $400 million in positions being cut at a loss. According to Coinglass, nearly 150,000 users have been affected by these losses.
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