As a seasoned analyst with years of market observation under my belt, I’ve seen enough rollercoaster rides to know that the crypto market is never short of surprises. The latest Bitcoin price action has once again proven this point, with its swift descent from $57,000 to $54,400 after a brief relief rally.
Initially, Bitcoin experienced a small surge in price, reaching $57,000 following the release of the US jobs report. However, this uptrend was soon interrupted as bears reemerged and forced Bitcoin to plummet sharply.
The total liquidations have skyrocketed to about $150 million on a daily basis.
In the last seven days or so, the main digital currency encountered a significant challenge, with its value dropping from around $65,100 on Monday to approximately $55,500 today.
Today, some favorable news seems to have influenced the market. Earlier today, it was announced that the US had published its August jobs report, revealing a slight decrease in the unemployment rate. As a result, the asset surged to reach $57,000.
Initially, there was an unsuccessful surge in Bitcoin’s price, which appeared promising but ultimately proved to be a deceptive increase. Contrary to expectations of continued growth due to anticipated interest rate reductions in the U.S., Bitcoin swiftly reversed its trend sharply.
Within just a few minutes, the value of the asset dropped approximately $2,500 from $57,000 to $54,400, marking its lowest price point in an entire month.
In response, the alternative cryptocurrencies mirrored this trend. For instance, Ethereum fell to approximately $2,320, Solana dipped beneath $130, and Ripple retreated back to around $0.53.
In the last day, excessive borrowing traders have suffered significant losses due to market volatility. Over 45,000 traders who were over-leveraged have been negatively impacted, and the total value of forced liquidations reached approximately $150 million within that timeframe.
The most significant damage occurred at a staggering cost. This incident happened on HTX, with an estimated value exceeding $13 million.
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2024-09-06 18:16