$150 Billion Storm in the Crypto Market; Bitcoin’s Historic Drop to $60,000

The cryptocurrency market has witnessed severe turbulence. Bitcoin, the king of cryptocurrencies, experienced a significant drop in response to economic uncertainty in the U.S. This popular cryptocurrency retreated to around $60,500 for the first time in three weeks.

Other cryptocurrencies were also caught in this economic whirlwind. Solana, Toncoin, and Uniswap lost more than 5% of their value. Ethereum, Bitcoin’s longtime rival, fell below the psychological $3,000 mark.

The main cause of this decline was a disappointing U.S. employment report. The increase in the unemployment rate to 4.3% raised alarm bells for investors. This led to capital outflows from Bitcoin exchange-traded funds and dragged Wall Street down as well.

The total value of the cryptocurrency market has now reached $2.3 trillion. This figure indicates that $150 billion has been wiped off the market value in the past two days.

Despite this turbulence, BTC has maintained its strength. The cryptocurrency is currently trading around $62,000 and holds 53% of the total market share. This statistic shows that Bitcoin remains the undisputed king of the cryptocurrency world.