Welcome, Crypto enthusiasts!

Bitcoin experience a small flash crash & quickly recovered while the GameStop Solana Memecoin explodes 150%

In Today’s Blockstreet Journal:

• BTC Crashed With Quick Recovery

• GME Meme Coin Explodes

• Market Rundown

• Top Gainers & Losers

• Airdrops & More News

Latest News

BITCOIN
📉 BTC Crashed With Quick Recovery 

Word On The Street: Bitcoin experienced a sudden drop in value to $70,896 amid the opening of Wall Street trading on June 7, reacting sharply to unexpectedly strong U.S. payrolls data.

The details:

• The BTC/USD pair saw a significant price movement, with a $1,300 decline within a single hour.

• However, this was quickly followed by a recovery, indicating the volatile response to the U.S. nonfarm payroll figures which exceeded forecasts.

• In terms of Bitcoin’s trading dynamics, the cryptocurrency remains in a constrained trading range, as observed by market analysts.

Why it matters: The market remains watchful, with BTC price action characterized by mixed signals and a generally sideways movement as it preps for its 2nd leg of the bull run.

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ALT COINS
🤯 GME Meme Coin Explodes 

Word On The Street: The Solana-based GME coin, a memecoin inspired by the 2021 GameStop short squeeze, has surged over 150% in the past 24 hours, reaching $0.029 on June 7.

The details:

• This rise follows the announcement that Keith Gill, known as Roaring Kitty, is returning to YouTube after a three-year hiatus.

• Since June 2, when Gill disclosed his renewed trading in GameStop shares, the GME crypto has skyrocketed by over 730%.

• If a pullback occurs, GME's immediate downside target for June is around $0.228, aligning with the 1.618 Fibonacci retracement level.

Why it matters: Technically, Solana’s GME token has reached an overbought daily relative strength index (RSI) of approximately 82, indicating a high likelihood of corrections.

Market Rundown

Fear & Greed Index

The global crypto market cap is $2.63T, a 0.63% decrease over the last day.

The total crypto market volume over the last 24 hours is $81.11B, which makes a 8.71% increase. The total volume in DeFi is currently $5.43B, 6.70% of the total crypto market 24-hour volume. The volume of all stable coins is now $76.85B, which is 94.75% of the total crypto market 24-hour volume.

Bitcoin’s dominance is currently 53.23%, an increase of 0.08% over the day.

Global Market Metrics

The current state of the cryptocurrency market is as follows:

- Total Market Capitalization: Approximately $2.63 trillion USD

- 24-Hour Trading Volume: Around $80.84 billion USD

- Active Cryptocurrencies: 10,077

- Bitcoin Dominance: 53.23%

- Ethereum Dominance: 17.34%

- DeFi Market Capitalization: $95.92 billion USD

- 24-Hour DeFi Volume: $5.43 billion USD

- Stablecoin Market Capitalization: $155.52 billion USD

- 24-Hour Stablecoin Volume: $76.85 billion USD

- Derivatives 24-Hour Volume: $610.15 billion USD

Top Gainers & Losers

🚀 Top Gainers

 💩 Top Losers

Airdrops & More News

DAILY AIRDROP
📦️ Jigsaw Staking Airdrop

Jigsaw is running a points campaign where users can earn free points for depositing and staking their funds into their vaults. They have confirmed the JIG token, with 5% of the token supply allocated for lock drops. Users who collect points will likely get an airdrop when their token goes live.

Step-by-Step Guide:

1. Visit the Jigsaw website.

2. Connect your wallet.

3. Now stake your tokens.

4. You will now need some wstETH.

5. You will receive free points.

6. Users who collect points will likely get an airdrop when their token “JIG” goes live.

7. Please note that there is no guarantee that they will do an airdrop. It’s only speculation.

8. However, they have mentioned that 5% of the token supply is allocated for lock drops.

Other News

Robinhood’s Bitstamp Deal Is Strategic and Brings Added Institutional Exposure. The acquisition will potentially allow the trading platform to offer a wider range of crypto products to a more institutional client base, the report said.

Sky Mavis recovers $5.7M from Ronin Bridge hack. Axie Infinity creator Sky Mavis said that some of the funds will cover the recovery costs while the rest will return to the Axie treasury.

U.S. Added 272K Jobs in May, Blowing Past Estimates; Bitcoin Pulls Back From 2-Month High. Recent soft economic and inflation data combined with rate cuts this week in Europe and Canada had investors rethinking expectations about Fed policy.

CoinGecko confirms email provider data breach. Cryptocurrency data aggregator CoinGecko has confirmed a data breach suffered by its third-party email management platform GetResponse.

🫡 Thanks For Reading

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