Bitcoin Crushes Below $84K as Crypto Market Suffers $570M in Liquidations

Bitcoin's price plunged after the release of the US jobs report, falling below $84,000. The cryptocurrency had briefly topped $87,000 earlier in the day, but the softer-than-expected jobs numbers led to a sharp decline. The altcoins also suffered, with Ethereum (ETH) dropping to $2,650 and XRP falling to $1.45.

The total crypto market cap has shed nearly $80 billion since the peak seen earlier today, and it's now down to $2.880 trillion. The data from CoinGlass shows that the overall liquidated positions in the past 24 hours have jumped past $570 million, with $186 million coming in the past hour alone. Longs dominate, with 99% of the liquidated positions in the past hour coming from such positions.

The single-highest liquidated order took place on Binance and was worth almost $12 million. The decline in Bitcoin's price has been dramatic, with a loss of over $3,000 in just a few hours. The cause of the decline is unclear, but it's possible that the weaker labor market combined with lower inflation than expected has reduced some of the pressure on the US Federal Reserve for more immediate hikes.