December US Jobs Data Sparks Immediate $2K Bitcoin Price Drop

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It appears that Bitcoin is not particularly sensitive to recent developments within the U.S. political and economic landscape, as it has experienced a decline of approximately $2,000 over the last thirty minutes or so.

Following the recently released U.S. jobs report for December, there was a significant gap between the new jobs created and the more conservative forecasts that had been predicted.

News Flash: In December, American businesses reportedly created 256,000 new jobs, exceeding the forecasted 155,000 jobs, as revealed by the U.S. Bureau of Labor Statistics. This job growth suggests that President-elect Donald Trump will find a robust economy when he takes office.

— ABC News (@ABC) January 10, 2025

According to U.S. Bureau of Labor Statistics data, over 100,000 jobs were added in December than typically anticipated, as the information above indicates.

Although it might seem beneficial for the broader U.S. market trends, the crypto market swiftly and dramatically reversed prices upon hearing the news.

Initially this week, Bitcoin’s price faced challenges and even momentarily surpassed $100,000, but later dropped back to $95,000. However, recent news caused its value to plummet by about $2,000 within minutes.

In response, most of the alternative cryptocurrencies followed a similar pattern. For instance, Ethereum dropped again towards $3,200, while Ripple moved from $2.31 down to $2.24, but then slightly recovered to $2.27, and so forth for others.

As a researcher, I’m reporting that daily liquidations surpass $320 million, with over $60 million being liquidated within just the last hour. Furthermore, according to Coinglass, more than 120,000 traders have experienced negative outcomes in the past day.

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2025-01-10 17:06