Bitcoin Smashed Below $84K as Crypto Market Sees $600M in Liquidations

Bitcoin's price crashed below $84K after initially reaching a multi-day peak of over $87,000 following a softer-than-expected US jobs report. The weaker labor market and lower inflation than expected should have reduced pressure on the US Federal Reserve to hike interest rates immediately.

However, Bitcoin was rejected at its peak and plummeted to under $84,000 within hours, representing a loss of over $3,000 in a short span. This sudden downturn has also affected altcoins, with Ethereum (ETH) dropping by 4% and other popular cryptocurrencies like XRP, ZEC, DOGE, LINK, XMR, and ADA experiencing losses ranging from 2-7%.

The total crypto market cap has dropped by nearly $80 billion since its peak earlier today, currently standing at $2.88 trillion on CoinMarketCap (CMC). Liquidation data from CoinGlass shows that over $570 million in positions have been wrecked in the past 24 hours, with a staggering $186 million coming in just the last hour.

Longs dominate the liquidated positions, accounting for 99% of the losses in the past hour. The single-highest wrecked order occurred on Binance and was worth nearly $12 million.