Bitcoin crashed below $84K with $570M in crypto liquidations as altcoins including Ethereum and XRP declined sharply despite softer US jobs data.
Macro & Markets ·
Bitcoin initially rallied to above $87,000 following softer-than-expected US employment data, a move that appeared to signal reduced pressure on the Federal Reserve for immediate rate increases. The rally proved short-lived; within hours, the cryptocurrency reversed sharply, falling below $84,000 and shedding over $3,000 in value.
Major altcoins declined in tandem with the bitcoin pullback. Ethereum fell from $2,750 to $2,650, while XRP dropped from $1.55 to $1.45. The broader crypto market shed nearly $80 billion in market capitalization, with other assets including ZEC, DOGE, LINK, XMR, and ADA marking daily losses exceeding 7 percent.
Liquidations across the crypto sector totaled over $570 million in the preceding 24 hours, with the vast majority stemming from long positions. The largest single liquidation order occurred on Binance and exceeded $12 million. The disconnect between the apparent positive macro signal of softer jobs data and the resulting market decline remains unresolved.