Crypto Market Wipes $70 Billion in 30 Minutes Amid Stronger Than Expected Jobs Report
The cryptocurrency market experienced a sudden and violent correction on September 4, erasing $70 billion from its total market capitalization within less than 30 minutes.
This correction was followed by a slight recovery, leaving the combined valuation at $2.66 trillion, roughly $50 billion below the $2.71 trillion held just an hour earlier.
The plunge affected Bitcoin (BTC), which fell from $81,252 to $79,341 at press time, as well as Gold and the U.S. stock market, with the S&P 500 benchmark index being down just 0.17% shortly after the morning bell on Friday.
The market-wide bloodbath can be directly attributed to the latest U.S. jobs report, which showed a more robust labor market than expected, removing a key concern regarding increasing interest rates in September.