Crypto
Bitcoin Crashes Below $66K as Jobs Data Kills Rate Cut Hopes
Bitcoin's price plummeted below $66,000 on Wednesday after the release of January employment figures. The data showed stronger-than-expected job growth and a lower unemployment rate, eliminating pressure on the Federal Reserve to cut interest rates.
The jobs report crushed trader expectations for a March rate cut, with CME FedWatch data showing the probability dropped from 21% to just 6%. April easing chances also fell, from 52% to 23%
Ethereum and Solana both declined by similar amounts as altcoins amplified the downturn. XRP fell 3.5% during the same period.
Bitcoin's perpetual futures open interest collapsed 51% below October peaks, indicating retreating trader conviction and reduced leverage deployment across derivative markets.