Bitcoin (BTC) experienced a sharp drop of 1.16% within minutes, leading to a panic sell-off among investors. The BTC/USDT pair fell to 68,718.89 (-1.30%) due to troubling U.S. economic data released on June 11, 2024. Higher-than-expected U.S. unemployment rates and reports of $518 billion in unreleased losses in U.S. banks triggered fears of a financial crisis, shaking market confidence.

Bitcoin, with a market cap of $1.37 trillion and market dominance of 54.22%, saw increased trading volume as investors rushed to liquidate their positions. Despite the setback, Bitcoin remains a dominant player in the cryptocurrency market with 19.71 million BTC in circulation and a fully diluted market cap of $1.46 trillion. This event underscores the volatility of cryptocurrencies and their sensitivity to macroeconomic news.