Crypto Market Suffers $50 Billion Loss in 30 Minutes Amid Jobs Report Shock
The cryptocurrency market experienced a massive correction on Friday, September 4, losing $50 billion in just under 30 minutes. The sudden drop was attributed to the strong US jobs report, which showed a robust labor market and increased concerns about interest rates. Bitcoin (BTC) fell from $81,252 to $79,341 during this period.
The plunge was not limited to cryptocurrencies, as Gold also saw a price drop, although it recovered slightly faster than Bitcoin. The S&P 500 benchmark index opened in the red but experienced a much milder correction, down just 0.17% at press time.
According to CoinMarketCap's Alice Liu, the market concentration has led to capital consolidating into Bitcoin, with the Altcoin Season Index sitting at 26, down from 54 a month ago. However, this situation could also lead to strong buying pressure if investors see it as an opportunity to buy in.