Crypto Market Selloff: Major Cryptos Experience Sharp Decline
#CryptoSellOff #altcoins $ETH $DOGE $SOL
The cryptocurrency market experienced a major selloff today, with Bitcoin, Ethereum, Solana, XRP, and DOGE losing significant recent gains.
Crypto Market Selloff Explained
Major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), XRP, and Dogecoin (DOGE) faced a sudden downturn, sparking discussions about the causes.
Earlier this week, the market was optimistic about Bitcoin reaching new highs and maintaining a bullish outlook for altcoins.
Reasons Behind the Selloff
The shift in market sentiment began on Friday after the U.S. Labor Department released job data showing 272,000 jobs added in May, higher than expected. However, the unemployment rate rose to 4% from 3.9%, dampening hopes for a potential interest rate cut by the U.S. Federal Reserve.
Additionally, GameStop's (GME) decision to sell $175 million in shares further unsettled the market, with GME stock closing down nearly 40%, leading to a sharp decline in meme coins like DOGE and SHIB.
Market Impact
The selloff led to massive liquidations, with 147,330 traders liquidated in the last 24 hours, totaling $411.25 million in losses. The largest single liquidation on OKX involved an ETH-USD swap worth $5.20 million. The global crypto market cap fell 3.47% to $2.55 trillion, with Bitcoin down 2.81% to $69,275.03, Ethereum down 3.6% to $3,681.70, Solana down 6% to $162.11, and XRP down 5% to $0.4998.
Despite the downturn, some investors remain optimistic about a rebound. The U.S. Spot Bitcoin ETF saw a net inflow of $1.8 billion this week, reflecting continued institutional interest in Bitcoin.
