In U.S. trading on Friday, Bitcoin experienced a notable downturn, dipping below the $70,000 mark and deviating from its anticipated path towards all-time highs. The cryptocurrency was trading at $69,000 at the latest update, reflecting a 2.5% decrease over the past 24 hours. This contrasted with the overall market performance, with other cryptocurrencies like Ether, Tezos, EOS, and Solana also witnessing declines ranging from 4% to 10%.
The selloff activity also led to approximately $450 million in liquidations, marking the most significant amount since a mid-April downturn, as per data compiled by Coinglass. Bitcoin’s decline commenced earlier in the U.S. trading session following the release of May’s robust government employment report, which surpassed expectations with the addition of 272,000 jobs. This unexpected surge in employment tempered speculation surrounding an imminent interest rate cut by the Federal Reserve, subsequently causing a surge in interest rates and the U.S. dollar.
The downward trend intensified later in the day, coinciding with the highly anticipated return of Roaring Kitty to YouTube for the first time in several years. Despite high expectations, the trading luminary’s livestream failed to deliver significant announcements, resulting in further disappointment among viewers. Concurrently, GameStop shares, influenced by the livestream, witnessed a 40% decline, while the GME meme coin dropped by 50% from its recent highs.
Furthermore, other meme coins such as Dogecoin, Shiba Inu, and Pepecoin experienced declines ranging from 8% to 15% over the past 24 hours. Amidst these developments, Bitcoin enthusiasts are left pondering the catalysts required for a substantial upward surge. Notably, spot ETFs recorded an 18th consecutive day of inflows, accumulating more than 56,000 bitcoins during this period, according to HODL Capital, indicating sustained investor interest despite recent market fluctuations.
