Bitcoin Crashes Below $84K as Crypto Liquidations Near $600M

Why is bitcoin down so much today despite the positive macro news in the US? It was just several hours ago that the primary cryptocurrency topped $87,000 for the first time in about ten days after the softer-than-expected US jobs report came out. Although that should be considered bullish for risk-on assets, especially when it’s aligned with the positive data from the PCE report earlier this week, the subsequent effects on BTC’s price were dramatically different. After all, a weaker labor market combined with lower inflation than expected should, at least in theory, reduce some of the pressure on the US Federal Reserve for more immediate hikes. Perhaps that’s why BTC reacted to today’s jobs report with an instant uptick from $86,000 to $87,200. That wasn’t the surprising part of today’s developments. What came next is somewhat unexpected. Bitcoin was rejected at that multi-day peak and tumbled to $85,500 first, before the bears took complete control and drove it to under $84,000 minutes ago. This meant that BTC had crashed by well over $3,000 in hours after the release of the US jobs report. BTCUSD October 2. Source: TradingView The altcoins have followed suit. ETH tapped $2,750 ea...