Bitcoin
US Jobs Data Triggers $200 Million in Crypto Long Liquidations as Bitcoin Drops
Bitcoin fell beneath the $80,000 threshold following a stronger-than-anticipated US employment report, sparking rapid liquidations across leveraged positions.
Bitcoin quickly surrendered morning gains above $81,000 and dropped below $80,000 following the release of the latest US nonfarm payrolls report. The sharp downward move triggered approximately $200 million in leveraged long liquidations across crypto derivatives markets within a single hour.
The selloff was driven by Bureau of Labor Statistics figures showing the US economy added 162,000 jobs in August, exceeding the consensus forecast of 55,000 to 56,000. Additionally, July employment was revised from an initial contraction of 23,000 jobs to a net gain of 21,000, while the national unemployment rate held steady at 4.1%.
The resilient employment data reduced expectations for near-term Federal Reserve monetary easing, prompting a rise in bond yields. The 10-year US Treasury yield rose by 3.3 basis points to 4.80%, while the 2-year yield climbed 7 basis points to 4.40%, creating immediate headwinds for risk assets and prompting a roughly 2% drop in Bitcoin.
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