Crypto market sees sharp decline as Bitcoin dips below $70k

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Bitcoin's recent surge to new highs has taken a sudden turn, with the cryptocurrency experiencing a sharp decline in the US trading on Friday. Despite this, it still managed to eke out a small gain over the past week. As of today, Bitcoin is trading at nearly $69,000, a 2.5 percent drop from the previous day. This is a significant improvement compared to the broader CoinDesk 20 Index, which has fallen by 5 percent over the same period.

The recent downturn in the cryptocurrency market has led to significant liquidations, resulting in a staggering $450 million worth of assets being sold off. This marks the largest liquidation event since a mid-April washout, highlighting the intense selling pressure that has gripped the market.

Bitcoin's momentum stalled earlier on Friday when it hit a high of $72,000, but it quickly reversed course in the morning hours as the US employment report for May revealed a significant 272,000 job gain.

This stronger-than-expected data led to a shift in market expectations, as it now appears less likely that the Federal Reserve will cut interest rates in the near future. As a result, interest rates and the dollar surged, causing Bitcoin to dip in value.

The crypto market's downward trend gained momentum later in the day after Roaring Kitty, a well-known trading figure, hosted his first YouTube livestream in several years. Despite the high anticipation, the event failed to deliver significant news or announcements, leaving many viewers underwhelmed.