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Bitcoin Price Plunge and Market Analysis

Bitcoin’s (BTC) price has experienced a sudden and sharp decline in the past hour, plummeting below the critical $70,000 support level. This significant drop in price can be attributed to a variety of factors, including positive US employment data and a decrease in GameStop’s share price, which has had a detrimental effect on the overall sentiment in the cryptocurrency market.

The magnitude of this drastic decrease has resulted in the liquidation of more than $300 million from the cryptocurrency market within the span of just one hour.

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Bitcoin Price Market Indicators and Insights

Consequently, the current crisis is reflected in Bitcoin’s market indicators. The Bitcoin Dominance metric, which measures the percentage of the total cryptocurrency market capitalization owned by Bitcoin, has risen by 1.04% to 53.69%. This suggests that although Bitcoin is undergoing a retracement, it is still outperforming the majority of other cryptocurrencies in the market.

Moreover, the exchange reserve of Bitcoin has experienced a decrease of 0.06% to 1.81 million, indicating that investors may be transferring Bitcoin to personal wallets for long-term holding instead of selling on exchanges.

The Crypto Fear & Greed Index, a gauge of market sentiment, has declined by 1.28% to 77, signaling that the market sentiment remains in the ‘Greed’ zone. However, extreme greed typically marks the final phase of a bull market, a scenario that appears to be unfolding in the current market context.

Strong U.S. Employment Data Impact

The release of robust US employment data has exerted additional downward pressure on Bitcoin’s price. The report revealed the addition of 272,000 jobs in May, surpassing the anticipated 185,000 jobs.

As a result, the higher employment figures have diminished the likelihood of an imminent interest rate cut by the Federal Reserve, leading to a rise in interest rates and the value of the US dollar. This shift in the economic landscape has negatively impacted risk assets, including cryptocurrencies.

GameStop Shares and Influence on Crypto Market Sentiment

Simultaneously, a substantial drop in GameStop shares (GME) has contributed to a pessimistic sentiment in the cryptocurrency market. Trader Roaring Kitty, known for his significant social media following, conducted a live session on YouTube that failed to meet investors’ expectations, leading to disappointment and a 40% decline in GameStop shares.

The adverse trend also affected meme cryptocurrencies such as DOGE, SHIB, and PEPE, with notable price drops reported across the board.

Despite the recent sell-off, spot Bitcoin ETFs have been accumulating at a consistent rate, indicating ongoing interest in the cryptocurrency. However, this accumulation spree was insufficient to sustain a price rally for Bitcoin.

Current Bitcoin Price and Market Stats

As of the latest update, Bitcoin price is floating around $69,000, marking a 2.5% decline over the past 24 hours. In parallel, BTC’s market capitalization has decreased by 2.52% to $1,362,313,410,346, while the 24-hour trading volume has surged by 48% to $36,296,396,359.

Additional Reading: “Inflation Is A Hidden Tax on Your Money” Bitcoin Exchange Knocks Fiat in New Ad

Source: Coinglass

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