In the last 24 hours, the crypto market lost over $96 billion as major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), faced corrections.

Bitcoin, the leading cryptocurrency, saw a sharp drop to an intraday low of $68,507. At the time of writing, Bitcoin was priced at $69,321, marking a 2.57% dip from the previous 24 hours. Additionally, Bitcoin’s 24-hour trading volume decreased by more than 4% to $28.1 billion. This correction followed Bitcoin hitting a multi-week high of $72,000 on June 7, after staying above $70,000 for several days.

Following the dip, Bitcoin’s market capitalization fell to $1.366 trillion, though its dominance over altcoins increased to 53.8% as they took more significant hits.

Altcoins in the Red

Among the top 100 cryptocurrencies, there were no notable gainers, with most registering losses between 1.03% and 14.52%.

  • Ethereum (ETH) is down 3.11% to below $3,700.
  • BNB, the fourth-largest crypto by market cap, has dropped from over $710 to just above $683.
  • Solana (SOL) has fallen by more than 6%.
  • Dogecoin (DOGE) is down 8.85%.
  • Avalanche (AVAX) is down by 9.95%.
  • Chainlink (LINK) lost 9.16% from its price.
  • Polkadot (DOT) dropped 10.24%.
  • NEAR Protocol (NEAR) shaved 9.01%.
  • Uniswap (UNI) went down 5.31%.
  • Polygon (MATIC) dropped by 9.01%.

Overall, the cumulative market cap of all crypto assets has shed over $96 billion since yesterday’s peak, now sitting at $2.54 trillion.

Market Influences

Analysts suggest the drop may have been influenced by a stronger-than-expected U.S. non-farm payroll (NFP) report for May, which added 272,000 new jobs and strengthened the U.S. dollar. The report reduced hopes for a Federal Reserve interest rate cut, negatively impacting Bitcoin’s price and overall market sentiment.

Potential Bullish Scenario for Bitcoin

Elsewhere, Bitcoin advocate Samson Mow proposed a new bullish scenario for Bitcoin. He suggested that gaming merchandise retailer GameStop should add Bitcoin to its corporate treasury, which, in his opinion, could create a “double bullish thesis” leading to significant price increases for both Bitcoin and GameStop shares.

The double bullish thesis is GameStop adds Bitcoin to its corporate treasury. Both $GME and $BTC will see significant price increases immediately.

Mow’s sentiment coincided with analyst and social media personality Keith Gill, also known as “Roaring Kitty,” hosting his first livestream in three years, focusing on GameStop’s future.

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