NEAR Protocol

GameStop

Bitcoin

In the last 24 hours, the crypto market lost more than $96 billion as major cryptocurrencies, including Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="">BTC</a>) and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="">ETH</a>), faced corrections. 
Bitcoin, the leading cryptocurrency, saw a sharp drop to an intraday low of $68,507. At the time of going to press, the cryptocurrency was priced at $69,321 — a 2.57% dip from the previous 24 hours. 
Additionally, Bitcoin’s 24-hour trading volume went down by more than 4% to $28.1 billion. 
The correction came on the back of Bitcoin hitting a multi-week high of $72,000 on June 7, after staying above $70,000 for several days.&nbsp; 
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 <img loading="lazy" decoding="async" width="630" height="380" src="https://crypto.news/app/uploads/2024/06/BTC_1D_graph_coinmarketcap.jpg" alt="Crypto market plunges $96b following strong US jobs report - 20"> 
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 Bitcoin 24-hour price chart | Source: CoinMarketCap
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Following the dip, Bitcoin’s market capitalization fell to $1.366 trillion, though its dominance over altcoins increased to 53.8% as they took much bigger hits.&nbsp; 
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<h3 class="wp-block-heading" id="strong-altcoins-in-the-red-strong">Altcoins in the red</h3> 
Among the top 100 cryptocurrencies, there were no notable gainers, with most of them registering losses between 1.03% and 14.52%. 
Ethereum 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, and Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="">SOL</a>) has fallen by more than 6%.&nbsp; 
The number one meme coin by market value: 
<ul> 
 <li>Dogecoin (<a href="https://crypto.news/price/dogecoin/" target="_blank" rel="">DOGE</a>), is down 8.85%</li> 
 <li>Avalanche (<a href="https://crypto.news/price/avalanche/" target="_blank" rel="">AVAX</a>) is down by 9.95%</li> 
 <li>Chainlink (<a href="https://crypto.news/price/chainlink/" target="_blank" rel="">LINK</a>) lost 9.16% from its price.</li> 
 <li>Polkadot (<a href="https://crypto.news/price/polkadot/" rel="">DOT</a>) dropped 10.24%</li> 
 <li>NEAR Protocol (<a href="https://crypto.news/price/near-protocol/" target="_blank" rel="">NEAR</a>) shaved 9.01%</li> 
 <li>Uniswap (<a href="https://crypto.news/price/uniswap/" target="_blank" rel="">UNI</a>) went down 5.31%</li> 
 <li>Polygon (<a href="https://crypto.news/price/polygon/" data-type="link" data-id="https://crypto.news/price/polygon/" target="_blank" rel="">MATIC</a>) dropped by 9.01%.</li> 
</ul> 
Overall, the cumulative market cap of all crypto assets has shed over $96 billion since yesterday’s peak. It’s now sitting at $2.54 trillion on CoinMarketCap. 
Analysts have suggested the drop may have been influenced by a stronger-than-expected U.S. non-farm payroll (NFP) <a href="https://www.bls.gov/news.release/empsit.nr0.htm" target="_blank" rel="">report</a> for May, which added 272,000 new jobs and strengthened the U.S. dollar. 
The report reduced hopes for a Federal Reserve interest rate cut, negatively impacting Bitcoin’s price and overall market sentiment. 
<h3 class="wp-block-heading" id="strong-double-strong-strong-bullish-thesis-for-btc-strong">Double bullish thesis for BTC</h3> 
Elsewhere, Bitcoin advocate Samson Mow took to X to suggest a new bullish scenario for Bitcoin. 
He proposed that gaming merchandise retailer GameStop should add Bitcoin to its corporate treasury, which, in his opinion, could create a “double bullish thesis” that could lead to significant price increases for both Bitcoin and GameStop shares. 
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 The double bullish thesis is <a href="https://twitter.com/GameStop?ref_src=twsrc%5Etfw" target="_blank" rel="">@GameStop</a> adds <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Bitcoin</a> to its corporate treasury. Both <a href="https://twitter.com/search?q=%24GME&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$GME</a> and <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$BTC</a> will see Godzilla candles immediately. <a href="https://t.co/VAaXIxBty4" target="_blank" rel="">pic.twitter.com/VAaXIxBty4</a>— Samson Mow (@Excellion) <a href="https://twitter.com/Excellion/status/1799205193781010449?ref_src=twsrc%5Etfw" target="_blank" rel="">June 7, 2024</a>
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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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Crypto market plunges $96b following strong US jobs report

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