On Friday, Bitcoin experienced a significant decline, dropping below $54,000 after a brief rise to $57,000. This volatility followed the release of an important US jobs report, causing ripples throughout the cryptocurrency market.
The rapid downturn saw Bitcoin losing nearly 4% in value over a 24-hour period, leading to a trading price of $54,100 after hitting a low of $53,780 according to data from CryptoSlate.
Market Overview
The latest jobs report revealed that the US economy added 142,000 jobs in August. Analysts suggest this data may pave the way for a potential 25 basis point rate cut from the Federal Reserve. However, the uncertainty surrounding future economic conditions and interest rates likely fueled the market’s volatility.
Broader Market Trends
The downturn wasn’t limited to Bitcoin; major altcoins experienced similar declines. Key movements included:
- Ethereum: Down 4.6%, trading at $2,261.8.
- BNB: Slightly down 2%, priced at $490.3.
- Solana (SOL): Also down 2%, trading at $127.6.
- XRP: Dropped over 4%, current price at $0.5237.
- Dogecoin (DOGE): Fell more than 4%, now at $0.09271.
- TRON: Modest decline of 1.47%, trading at $0.1481.
- Toncoin: Contrarily, it gained 2.4%, reaching $4.75.
Additionally, US stock indices such as the Nasdaq Composite fell by 1.9%, and the S&P 500 decreased by 1.15%.
Liquidation Events
Led by Bitcoin, the liquidation of leveraged positions was significant, totaling $52.25 million as prices slipped below $54,000, referencing data from Coinglass.
The majority of liquidations—$46.4 million—hit leveraged long positions, indicating that traders betting on Bitcoin’s rise were caught unprepared by the market’s swift reversal. This wave of forced selling extended to other cryptocurrencies as well.
Ethereum followed with $15.46 million in liquidated positions, reflecting a 4.62% drop in just hours. The altcoin space experienced considerable turmoil, with significant liquidation across major tokens like Solana and XRP.
In total, over $100 million in positions was liquidated during this period of heightened market volatility, primarily affecting long positions as traders faced unforeseen price drops.
Current Bitcoin Market Data
As of 7:08 pm UTC on Sep. 6, 2024, Bitcoin ranks #1 in market capitalization, valued at down 4.86% over the past 24 hours. Its market cap stands at $1.06 trillion with a 24-hour trading volume of $42.19 billion. Learn more about Bitcoin ›
Crypto Market Summary
As of 7:08 pm UTC on Sep. 6, 2024, the overall cryptocurrency market is valued at $1.9 trillion with a 24-hour volume of $84.07 billion. Bitcoin’s dominance is currently at 55.87%. Learn more about the crypto market ›
