Bitcoin Price Dips After Strong US Jobs Data Triggers Liquidation
The price of Bitcoin (BTC) has experienced significant fluctuations over the past week. According to data from moomoo.com, the current trading price is $79464.53, representing a 0.73% decline from its opening value. This drop comes after a notable surge in August, where BTC rose by 22%, outperforming stagnant stock markets.
Market analysts point to the US non-farm payrolls data as a catalyst for this downturn, which triggered over $200 million in liquidations. However, during this pullback, whales accumulated 6,765 BTC (valued at approximately $521 million), indicating institutional confidence in the cryptocurrency's value.
The correlation between Bitcoin and Gold has reached a pandemic-era high of 0.50, while Bhutan transferred $30.6 million in BTC for treasury purposes.