Bitcoin Plunges Below $84K as Crypto Market Cap Drops $80B

Bitcoin's price took an unexpected turn after the US jobs report was released, plummeting to below $84,000 from its earlier peak of over $87,000.

This sudden crash came despite the positive macro news in the US, which should have been considered bullish for risk-on assets. The softer-than-expected jobs report combined with lower inflation than expected could reduce pressure on the US Federal Reserve to raise interest rates immediately.

However, Bitcoin's price reacted negatively to this news, tumbling by over $3,000 in just a few hours. The altcoins followed suit, with Ethereum (ETH) losing over 4% of its value and other major cryptocurrencies like XRP, ZEC, DOGE, LINK, XMR, and ADA experiencing losses of up to 7%.

The total crypto market cap has shed almost $80 billion since the peak seen earlier today, dropping to $2.880 trillion on CoinMarketCap (CMC). The liquidation data from CoinGlass shows that over $570 million in positions have been wrecked in the past 24 hours, with longs dominating at 99% of the liquidated positions.