Crypto Market Plunges! Bitcoin Nears $100K—Will U.S. Jobs Data Trigger a Rebound?
TradingKey – Bitcoin’s sharp decline brings the crypto market into freefall, as investors await tonight’s U.S. Nonfarm Payroll (NFP) data, which could determine BTC’s next move.
On Friday, June 6, Bitcoin(BTC) continued its downward trend, approaching the critical $100,000 support level. BTC plunged over 3% in early trading, hitting a low of $100,372 before bouncing back to $102,860.
Bitcoin Price Chart – Source: CoinMarketCap.
The total crypto market capitalization shrank by over $200 billion, falling from $3.32 trillion to $3.14 trillion. Major altcoins saw heavy losses:
- Ethereum (ETH) dropped over 6%
- Dogecoin (DOGE) fell more than 7%
- Ripple (XRP) declined over 3%
- Other cryptos experienced even sharper declines
Although crypto losses have narrowed, the market’s next move depends on the upcoming May NFP data release. If job growth falls below expectations, speculation over a Federal Reserve rate cut may increase, fueling Bitcoin’s rebound. If the report exceeds forecasts, BTC and the broader crypto market could face further downside pressure.
Recommended Articles
