Bitcoin's correction has seen the crypto market suffer a decline after the US reported an increase in employment rate. NFP data has historically impacted the price of Bitcoin due to its growing correlation with the stock and commodities market. Growth of Bitcoin ETFs likely causing a decline in miners and exchange BTC reserves. Bitcoin and the entire crypto market took a hit on Friday after the non-farm payroll report for May beat analysts' expectations, with 272,000 new jobs added.
However, with the strong NFP report coming in at the early hours of the US session, Bitcoin shed nearly 4% of its value. The crash heavily affected the Bitcoin derivatives market, as BTC open interest across exchanges dipped by $1.55 billion in the past several hours. In addition, Bitcoin's long liquidations reached $67.4 million in the past 24 hours. Following BTC's crash, several altcoins also sustained losses, with Ethereum , BNB, Solana , and XRP all seeing declines of 2.6%, 3%, 3.