tl;dr
The crypto market is experiencing significant losses, with Bitcoin and Ethereum dropping by 5% or more following a rough U.S. jobs report. Bitcoin fell to under $62,000, down about 5% from its peak, while Ethereum dropped to $2,967, nearly 6% lower than the previous day. Other major assets, like Sol...
The crypto market is currently experiencing significant losses, with Bitcoin and Ethereum dropping by 5% or more following a rough U.S. jobs report. Bitcoin fell to under $62,000, down about 5% from its peak, while Ethereum dropped to $2,967, nearly 6% lower than the previous day. Other major assets, like Solana, also saw substantial dips.
The market volatility led to $269 million worth of positions being liquidated in the past 24 hours. The U.S. jobs report, which indicated a rise in unemployment and fell short of expectations, sparked fears of a recession, impacting both stock and crypto markets.
The price of Bitcoin fell well under $62,000 on Friday, dipping as low as $61,308 per data from CoinGecko. It's back up to just above $62,000 as of this writing, but is still down about 5% on the day from a 24-hour peak of $65,505. Meanwhile, Ethereum fell sharply, dipping down to $2,967 after being above the $3,200 mark less than a day ago. At a current price of just under $3,000, it's still down nearly 6% on the day. Other major assets have seen similar or even larger dips, such as Solana, which is down more than 7% at a price of $154.
Volatility across the crypto markets on Friday led to another spike in liquidations of long and short positions, or bets that the future price of a crypto asset will rise or fall, respectively. As of this writing, CoinGlass reports $269 million worth of positions liquidated over the past 24 hours across the market, led by $82 million worth of Bitcoin positions.
The report, which noted a jump in the unemployment rate as nonfarm jobs fell well short of expectations, prompted fears that a U.S. recession is taking hold. However, while the panic has shown apparent short-term effects on crypto prices, some analysts believe that Bitcoin may ultimately benefit amid a weaker U.S. dollar and potential Federal Reserve interest rate cuts that are expected.