The unemployment rate in May stood at 4.0%, against the estimate of 3.9% and April’s 3.9%. This dashed hopes for a prompt interest rate cut by the Federal Reserve and led to a sharp rise in interest rates and the dollar.
The sell-off of BTC and other digital assets gained momentum a few hours later when Roaring Kitty held a long-awaited live stream on YouTube for the first time in several years. The trading legend had little of interest to say, except for expressing hope that GameStop would become something very valuable in the coming years.
GME shares, which were already down that day, continued to fall during the stream, dropping by 40% for the session. The GME meme coin fell by 50%. Checking other meme coins showed that Dogecoin (DOGE) dropped by 8% over the last 24 hours, Shiba Inu (SHIB) fell by 10%, and Pepecoin (PEPE) by 15%.
At the time of writing, Bitcoin is trading at $69,4K, down 2.6%. The price of ETH has fallen by 4%, Tezos and EOS by 10%, and SOL by 7%.