-
Challenging
an
all-time
high
earlier
Friday,
bitcoin
has
pulled
back,
giving
up
most
of
its
weekly
gains -
The
selloff
in
the
rest
of
the
cryptocurrency
market
was
far
larger
as
speculative
fever
cooled -
The
spot
bitcoin
ETFs
are
on
their
largest
accumulation
streak
since
launch,
but
it
wasn’t
enough
for
a
sustained
rally
in
price.
What
was
thought
to
be
a
challenge
of
all-time
highs
for
bitcoin
(BTC)
has
turned
into
a
fast
retreat
in
U.S.
trading
on
Friday,
with
the
world’s
largest
crypto
barely
hanging
onto
a
week-over-week
gain.
At
press
time,
bitcoin
was
changing
hands
at
$69,000,
down
2.5%
over
the
past
24
hours.
That
was
far
outperforming
the
broader
CoinDesk
20
Index,
which
is
lower
by
5%
over
the
same
time
frame.
Among
CoinDesk
20
constituents,
ether
(ETH)
was
off
4%,
Tezos
{{XTX}}
and
EOS
{{EXOS}}
10%
and
Solana
(SOL)
7%.
According
to
data
tracked
by
Coinglass,
the
selloff
has
led
to
$450
million
in
liquidations,
the
largest
amount
since
a
mid-April
washout.
Challenging
$72,000
earlier
on
Friday,
bitcoin
began
headed
lower
in
the
U.S.
morning
hours
after
the
government’s
employment
report
for
May
came
in
far
stronger
than
expected
with
272,000
jobs
added.
That
seemingly
dashed
hopes
for
an
imminent
interest
rate
cut
by
the
Federal
Reserve,
sending
interest
rates
and
the
dollar
sharply
higher.
The
selloff
in
bitcoin
and
crypto
really
picked
up
steam
several
hours
later
as
Roaring
Kitty
held
a
hotly
anticipated
YouTube
livesteam
for
the
first
time
in
several
years.
The
trading
legend
perhaps
disappointed
those
waiting
for
some
sort
of
big
announcement
and
instead
said
little
of
interest
except
for
his
hope
that
GameStop
management
will
be
able
to
transform
the
company
into
something
of
great
value
in
coming
years.
Already
lower
on
the
day,
GME
shares
fell
further
during
the
broadcast,
now
off
40%
for
the
session.
The
GME
meme
coin
is
down
50%
from
highs
reached
earlier
Friday.
A
check
of
other
meme
coins
finds
dogecoin
(DOGE)
lower
by
8%
over
the
past
24
hours,
shiba
inu
(SHIB)
down
10%,
and
pepecoin
(PEPE)
off
15%.
In
the
meantime,
bitcoin
bulls
might
be
left
scratching
their
heads
at
what
might
be
needed
for
a
true
upside
breakout.
The
spot
ETFs
on
Thursday
completed
an
18th-consecutive
day
of
inflows,
a
steak
not
even
accomplished
during
the
frenzied
price
increases
of
February
and
March.
Over
that
18-day
streak,
the
ETFs
accumulated
more
than
56K
bitcoins,
according
to
HODL
Capital,
or
nearly
7x
the
amount
of
bitcoin
mined
during
that
period.
