Bitcoin, which is the top cryptocurrency, has seen a remarkable plunge in price. This is due to an intraday drop to about $68,500; this significant drop in BTC price happened simultaneously as the YouTube live streaming by Roaring Kitty occurred.
The plunge was made more severe as the Non-Farm Payroll statement for the month of May 2024 was made public. And it was stronger than it was anticipated to be, with the addition of 272,000 jobs; improving the value of the United States dollars.
The improvement of the United States dollars reduced the potential for a cut in the Federal Reserve interest rates. This had a negative effect on the price of Bitcoin, causing the price to plunge. Other altcoins experienced a drop in price, and Ethereum price saw a plunge.
The Non-Farm Payroll statement showed that the labor market was strong, signalling that the cut in Federal Reserve interest rates may be postponed. This caused a surge in the value of dollars, reducing the potential of Bitcoin hitting a new All Time High (ATH) in the weekend.