Crypto News: NFP Report Sparks Sell-off, Market Sees Red

Crypto market down 3%, valued at $2.69 trillion market cap

• Nonfarm payrolls increased by 272,000 in May, beating 182,000 estimates and exceeding April’s 165,000.

• Average hourly earnings increased by 4.1% over 12 months, exceeding expectations. Unemployment rate rose to 4% from 3.9% last month.

Crypto Fear and Greed Index:

The Crypto Fear and Greed Indicator shows a market sentiment of 72 (Greed), down from 77 (Extreme Greed) yesterday and 73 last week.

Crypto market significantly declined in the last 24 hours

TOP 5 Losers Coins

Latest Market Update: 

• #Bitcoin prices have taken a notable bearish turn, slipping to the $69,000 mark.

• Other Altcoins, including #dYdX ($DYDX), #Gala ($GALA), #Core ($CORE), #Bitcoin SV ($BSV), and #Pepe ($PEPE), all saw declines of over 10%.

• #Filecoin ($FIL) stood out as the top performer, with a 24-hour increase of over 6.01%.

• #dogwifat ($WIF) suffered the most significant loss, with a 24-hour decline of nearly 13.75%.

• Total crypto market volume over the last 24 hours is $103.51B, a 37.46% increase.

• Total volume in DeFi is currently $8.16B, 7.88% of the total crypto market 24-hour volume.

• Volume of all stable coins is now $97.24B, making up 93.94% of the total crypto market 24-hour volume.

• Bitcoin’s dominance is currently 53.61%, an increase of 0.37% over the day.

Major Worldwide News Update:

• The US Bureau of Labor Statistics reported that Nonfarm Payrolls rose by 272,000 in May, exceeding market expectations of 185,000. April's increase was revised to 165,000. The unemployment rate edged up to 4% from 3.9%, and the Labor Force Participation Rate declined to 62.5%. Average Hourly Earnings increased 4.1% annually.

• Bitcoin transaction fees have surged to $34.08 due to congestion caused by OKX's internal transactions, resulting in over 333,400 unconfirmed transactions. This benefits miners but sparks debate on better layer 2 solutions. CryptoQuant’s Julio Moreno identified OKX’s consolidation process as the main issue, prompting criticism from users and experts.

• Concerns arise over potential juror bias in Donald Trump’s New York criminal case after a Facebook comment hinted at pre-verdict discussions. The comment, posted by a relative of a juror, triggered scrutiny on the trial's fairness. Trump's legal team investigates as public and political reactions escalate.

• An inactive Ethereum address reemerges, requiring 6,000 ETH, impacting the market amid heightened volatility. This trend of dormant wallets awakening, observed in recent months, suggests large holders reacting to market conditions. The activation coincided with a drop in Ethereum's price after a robust US jobs report.

• Roaring Kitty, the GameStop meme stock influencer, resurfaces in a YouTube livestream revealing a $235 million loss amid GameStop shares' sharp decline. Facing challenges, including cash needs to exercise call options, he encounters scrutiny from both institutions and platforms due to market manipulation concerns.

• BRICS considers developing independent payment system, potentially utilizing Ripple's XRP for cross-border settlements. This move could boost XRP's price. Ripple's alliances with financial institutions offer advantages for BRICS nations. Discussions arise on the possibility of an XRP ETF following regulatory clarity. CEO Brad Garlinghouse and President Monica Long express support.

• Robinhood Markets plans to acquire Bitstamp Ltd., a leading crypto exchange, for $200 million in cash. This move aims to bolster Robinhood's global crypto presence and institutional offerings. Bitstamp's extensive licenses and services will complement Robinhood's expansion strategy. The deal awaits regulatory approvals, anticipated to close in 2025.

COIN GABBAR Views: Bitcoin dips again: Is it a temporary setback or a buying opportunity? Will US macroeconomics and the presidential election trigger the next all-time high for Bitcoin? To get latest news Stay tuned us at coingabbar

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