Bitcoin Market Faces Sharp Decline Below $69k

In recent trading, Bitcoin experienced a sharp decline, dipping below $69,000, marking a 2.5% drop from the previous day. Despite this, Bitcoin managed to post a small weekly gain, outperforming the broader CoinDesk 20 Index, which fell by 5%. The downturn triggered significant liquidations totaling $450 million, the largest since mid-April. The drop was influenced by a stronger-than-expected US employment report, which led to a surge in interest rates and the dollar, reducing the likelihood of Federal Reserve interest rate cuts soon.
Additionally, the crypto market was further impacted by Roaring Kitty’s underwhelming YouTube livestream, which offered little new information and coincided with a 40% drop in GameStop shares and declines in meme coins like Dogecoin, Shiba Inu, and Pepecoin. Despite the market volatility, Bitcoin enthusiasts remain hopeful due to a steady inflow of funds into spot ETFs, which have absorbed over 56,000 bitcoins in 18 consecutive days.