# Friday Dump Sends BTC Below $70K

*Author: David Christopher*
*Published: Jun 7, 2024*
*Source: https://www.bankless.com/friday-dump-sends-btc-below-70k*

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A major selloff on Friday caused Bitcoin to drop below $70K, despite record ETF inflows during the week.

### What's the scoop?
- **Majors Hit:** After challenging its all-time high, Bitcoin fell to $69K, marking a 2.5% drop over the past 24 hours, while ETH and SOL dropped 4% and 7%, respectively.
- **Liquidations Spike: **These crashes resulted in $450M in liquidations, the largest since April, [data from Coinglass shows.](https://www.coinglass.com/LiquidationData)
- **Interest Rates and Employment:** Bitcoin's decline started after a stronger-than-expected employment report, which dashed hopes for imminent interest rate cuts.
- **GameStop Stream Aftermath:** Roaring Kitty's underwhelming YouTube livestream was also a potential driver of further drops across meme-driven finance. Memecoins like DOGE, SHIB, and PEPE also fell by 8%, 10%, and 15%.

### Bankless Take:
While strong ETF inflows suggest ongoing institutional interest, macroeconomic factors and market sentiment can quickly turn the tide. Despite significant accumulation, Bitcoin's dip below $70K underscores the market's sensitivity to economic data and the influence of highly anticipated events, which usually mark sell-the-news events, even Keith Gill’s stream. While there is pain in the market today, it’s good to remember that it's still only a 2-3% drop.
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