US Jobs Report Sparks Crypto Selloff, Stacks (STX) Among Heavily Affected Altcoins
The cryptocurrency market experienced a sharp selloff on September 4, 2026, after a stronger-than-expected US jobs report. The report showed nonfarm payrolls adding around 160,000 jobs, exceeding expectations of 55,000-60,000. This led to increased speculation that the Federal Reserve may keep interest rates higher for longer or even hike in September.
The sudden shift in market sentiment triggered a wave of long liquidations across the board, with Bitcoin dropping from around $81,000-$82,000 to the high $70,000s. The total crypto market capitalization saw a staggering $70 billion wiped out within 30 minutes, with only a partial rebound afterward.
The altcoin Stacks (STX) was disproportionately affected by this market-wide move, experiencing a drop of around 7% in just one day. While there were no specific issues with the project itself, STX's price action can be attributed to its over-extended positioning and fresh bullish momentum.