Bitcoin's Price Plummets After Strong U.S. Employment Data

A significant drop in Bitcoin's price occurred on Friday after peaking at $82,281, causing its market capitalization to fall from $1.62 trillion to $1.57 trillion.

The cryptocurrency's market cap dropped by nearly 3% in just a few hours, with long positions making up over 55% of the roughly $193 million in leveraged positions liquidated by Coinglass.

This sharp reversal was triggered by strong U.S. employment data released on Friday, which showed that the economy added 336,000 jobs, exceeding expectations and keeping unemployment at 3.8%.

According to Raoul Pal, this debasement narrative will continue to drive everything upward, with bitcoin beating the Nasdaq's debasement rate by 89% annually.