Bitcoin Pumps, Then Dumps Below $55K as Jobs Report Spurs Crypto Volatility
The brief rally in the cryptocurrency markets following Friday’s U.S. jobs report quickly reversed in volatile action.
Bitcoin (BTC) jumped to $57,000 earlier today following the key report, only to the erase its gains and tumble below $55,000. The largest crypto was down nearly 4% over the past 24 hours.
The selloff was broad-based, with major altcoins such as ether (ETH), solana (SOL), Ripple’s XRP (XRP) and cardano (ADA) posting 3%-5% losses over the same period. The CoinDesk 20 Index was down 2.7% over the day.
The price swing triggered nearly $50 million liquidations in one hour on the crypto derivatives markets as the volatility caught leveraged traders off-guard, predominantly longs betting on a continued price advance, CoinGlass data shows.
The price action happened as key U.S. equity indexes also turned lower early during their trading session. The Nasdaq Composite Index was 1.9% lower, while the broad-based S&P 500 declined 1.15% a bit more than one hour after the opening bell.
Edited by Stephen Alpher.
Disclosure
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
has been updated
.
CoinDesk is an
award-winning
media outlet that covers the cryptocurrency industry. Its journalists abide by a
strict set of editorial policies.
In November 2023
, CoinDesk was acquired
by the Bullish group, owner of
Bullish,
a regulated, digital assets exchange. The Bullish group is majority-owned by
Block.one; both companies have
interests
in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
:format(jpg)/s3.amazonaws.com/arc-authors/coindesk/8b1395a8-12af-4705-9fe5-b862b248250d.png)
