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Tumble in Cryptocurrency Market Is Minor Correction, Bullish Action Expected

On June 7, 2024, the cryptocurrency market, including Ether, Bitcoin and various altcoins, saw a decline following better-than-expected employment data released in the United States. Despite this drop, traders are optimistic that this is merely a temporary setback before the market resumes its upward trend.

Renowned cryptocurrency trader il Capo of Crypto expressed its opinions to its more than 848,000 followers on X, characterizing the state of affairs as a robust sell-off consolidating support levels, with altcoins bearing the brunt of the losses. The trader suggested that this event appears to be a “shakeout,” a term used when many investors sell their assets simultaneously due to uncertainty in the market or the economy.

The Employment Situation Summary Report of the U.S., which was released that same day, revealed an unexpected rise in the number of jobs. This went against the forecasts of cryptocurrency analysts, who thought that a weaker jobs report would put pressure on attempts to reduce inflation and maybe push Bitcoin to all-time peaks.

10x Research research chief Markus Thielen had earlier stated that a weak job report could lead to interest rate cuts. He further noted that if the upcoming CPI inflation report showed a year-over-year rate of 3.3% or lower, it could push Bitcoin to a record high.

Despite the actual employment data showing a different trend, Thielen did not directly attribute the crypto market’s decline to the report. He noted that the cryptocurrency market had dropped off at the end of the day in the absence of a clear driver, calling the data “mixed.”

May saw a 272,000 gain in total jobs in the United States, while the unemployment rate increased by 0.1%, the United States Bureau of Labor Statistics says.

Il Capo of Crypto added that if major support points hold, an upward continuation in the market should follow soon. More recently, BTC experienced a 1.99% drop to reach $69,410. Ether saw a decline of 3.22% while altcoins suffered even larger losses. Pepe plummeted -10.54%, Solana fell -4.89%, while Dogecoin dropped -7.88%, as CoinMarketCap reported.

Other traders also weighed in on the situation, suggesting that the market’s peak is still far off and viewing the current decline as a buying opportunity. For instance, a pseudonymous trader known as Kaleo commented on X that the real bull market has not yet begun. Another trader, Jelle, noted that the small dip was unexpected but still saw it as an opportunity, stating that they bought some dips for a fast turnaround trade.

You can be sure that entities such as Stronghold Digital Inc. (NASDAQ: SDIG) will be watching any market movements in the coming weeks and months since any major movements in either direction could have significant ramifications for the trajectory of the industry.

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