On Friday, June 7, the price of the leading cryptocurrency fell below $69,000 following the release of US unemployment data.
At the time of writing, Bitcoin is trading at $69,500.
Following Bitcoin’s decline, other top-10 cryptocurrencies by market capitalization also fell. Dogecoin and Solana were the hardest hit, losing 8% and 5.1% respectively over the past day.
The total cryptocurrency market capitalization stands at $2.67 trillion.
One of the notable decliners was the token of the gaming Web3 project Notcoin. At one point, NOT plummeted from $0.022 to $0.018.
At the time of writing, NOT is trading at $0.02.
According to Coinglass, the liquidation volume over the past 24 hours reached $410 million, with $361 million in long positions.
According to a report from the BLS, the US unemployment rate rose to 4% in May (+0.3% year-on-year). The total number of unemployed increased to 6.6 million from 6.1 million a year earlier. The labor market added 272,000 new jobs over the month, exceeding forecasts.
Earlier, analysts at Standard Chartered predicted Bitcoin would reach $100,000 by November. They added that if Donald Trump wins the US presidential election, the digital gold could soar to $150,000 by the year’s end.
Former BitMEX CEO Arthur Hayes highlighted changes in the macroeconomic backdrop and urged buying the leading cryptocurrency.
Experts at Bitfinex believe Bitcoin will form a peak during the current bull market at some point in the fourth quarter of 2024. They also noted the potential for further growth.
Robert Kiyosaki, author of the bestseller “Rich Dad, Poor Dad,” predicted the first cryptocurrency would reach $300,000 by August 25.