The largest digital asset, Bitcoin (BTC) is attempting to challenge its all-time high. However, the price experienced a sharp decline on Friday making it subject to high selling pressure. BTC price fell more than 2% in the last 24 hours erasing its weekly gains to minimal levels.
Will Bitcoin fall even more?
Bitcoin fell to $69,000 after hitting the $71,000 mark. The price of this largest digital asset is still up 64% in the year to date (YTD) period. BTC was trading at an average price of $69,469, at press time. Its 24-hour trading volume rose 25% to $33.12 billion. It holds a market capitalization of $1.36 trillion.
Other major cryptocurrencies such as Ether (ETH) and Solana recorded a decline of more than 4% in the last 24 hours. However, dogwifhat (WIF) saw a decline of nearly 16% dragging the meme cryptos to print the index in the red.
Data from Coinglass shows that the sell-off has resulted in $450 million in liquidations. This is the highest number since the drop in mid-April.
Bitcoin's decline began after challenging $72,000 on Friday. This started after the release of the US employment report for May. The data showed a stronger-than-expected addition of 272,000 jobs. This fueled hopes of an interest rate cut by the Federal Reserve in the near future. This could cause interest rates and the dollar to rise.
The GameStop story
It's important to note that the market tanked later in the day during Roaring Kitty's highly anticipated YouTube livestream. After that, GameStop (GME) shares fell further and ended down 40% for the session.
Meme coin GME also plunged 50% from its high the previous day. Other meme coins such as Dogecoin (DOGE) fell 8%, Shiba Inu (SHIB) fell 10%, and Pepecoin (PEPE) fell 15%.
The crypto meme market cap fell 2% over the last day to $63.9 billion. Its 24-hour trading volume was still up 6.5% to $7.25 billion. This suggests that investors are moving assets under high selling pressure to cover losses.
Gaming coin GALA dropped 15% in the last 24 hours. Now, it's down 42% over the last 60 days. GALA was trading at an average price of $0.039, at press time.
