Crypto Market Tumbles on Strong Jobs Report and Rate Hike Bets
The cryptocurrency market experienced a downturn following the release of a strong jobs report, which has reignited speculation about a potential rate hike by the Federal Reserve. Bitcoin (no label) dropped below $80,000, with other major cryptocurrencies such as Ethereum and XRP also experiencing losses.
According to Coinglass data, 101,330 traders were liquidated in the past 24 hours, resulting in losses of $523.10 million. This is a stark contrast to the influx of capital seen earlier this week, where spot Bitcoin ETFs pulled in $730.87 million and Ethereum ETFs saw net inflows of $141.4 million.
On the positive side, certain cryptocurrencies such as Lighter, Dash, and Zcash have shown gains in the past 24 hours. However, it remains to be seen whether these gains will be sustained in light of the jobs report's impact on market sentiment.