Bitcoin Price Rally Collapses on Strong Jobs Data

The Bitcoin price rally collapsed on Friday, wiping out nearly $295 million in long positions. The cryptocurrency's sharp sell-off was sparked by stronger-than-expected U.S. jobs data, which led investors to dump both stocks and crypto.

Bitcoin had rallied above $82,000 for the first time in over three months, but lost momentum after hitting an intraday peak of $82,281. It plunged from just over $81,300 to $79,428 in under 20 minutes, before finding support near $81,000.

The sell-off extended to altcoins, with long bets liquidated across the cryptocurrency market totaling $295 million, compared to $213 million in short positions. This was according to Coinglass, which reported that nearly 55% of the roughly $193 million in leveraged positions liquidated were long positions.

Raoul Pal believes that despite this latest pullback, the debasement narrative will continue to drive everything upward. He pointed out that bitcoin has beaten the Nasdaq by a significant margin, and that crypto is becoming the most powerful asset we've ever had due to debt forcing central banks to debase.