Bitcoin does not seem to react well to news coming from the US political and economic scene, as the asset dropped two thousand dollars in the last half hour or so.
This came after the latest US jobs report for December, which highlighted a huge discrepancy in newly added jobs compared to more modest expectations.
JUST IN: U.S. employers added 256,000 jobs in December, beating economists’ expectations of 155,000 jobs added, data from the U.S. Bureau of Labor Statistics showed. The growth indicates that President-elect Donald Trump will inherit a healthy economy. pic.twitter.com/mKyvgdwADJ
– ABC News (@ABC) January 10, 2025
As the data above shows, more than 100,000 jobs were created in December alone above general expectations, according to data from the US Bureau of Labor Statistics.
While this may seem good for overall US market conditions, the cryptocurrency space reacted with immediate and violent price pullbacks.
BTC, whose price has struggled since the start of the week and briefly rising above $100,000, had regained some ground and stood at $95,000. The news, however, sent two thousand dollars flying south in minutes.
Altcoins reacted similarly, with ETH falling towards $3,200, XRP going from $2.31 to $2.24 before a small recovery to $2.27, and so on.
Settlements amount to more than $320 million on a daily basis, while the figure in the last hour alone has exceeded $60 million. According to Coinglass, more than 120,000 traders have gone bankrupt in the last day.
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