The cryptocurrency market has experienced a significant downturn, with major players like Bitcoin, Ethereum, Solana, XRP, and DOGE seeing their prices drop. This sudden shift in sentiment has sparked discussions among investors and analysts about the potential reasons behind the selloff.

Earlier in the week, the market was optimistic, expecting a new high for Bitcoin and a bullish outlook for altcoins. However, the release of the US Job data on Friday, June 7, seems to have triggered a change in sentiment. The report showed a significant increase in jobs added in May, exceeding market forecasts, which has dampened hopes of an interest rate cut by the US Federal Reserve.

Additionally, GameStop's decision to sell $175 million in shares has also contributed to the market's concerns, leading to a sharp decline in meme stocks like GME, DOGE, and SHIB. The recent volatility has resulted in massive liquidations, with 147,330 traders losing a total of $411.25 million in the last 24 hours.

The global crypto market cap has slipped 3.47% to $2.55 trillion, with Bitcoin, Ethereum, Solana, and XRP all seeing significant price drops. Despite this, some investors remain optimistic about a potential rebound, with the U.S. Spot Bitcoin ETF seeing a significant influx of $1.8 billion this week.

In conclusion, the crypto market has experienced a sharp decline due to a combination of factors, including the US Job data release and GameStop's decision to sell shares. While this has led to significant liquidations and a drop in prices, some investors remain hopeful about a potential rebound.