Bitcoin experienced a sharp price drop, falling below $84,000 after previously topping $87,000 for the first time in about ten days. The initial upward movement followed a softer-than-expected US jobs report and positive data from the PCE report, which had driven the cryptocurrency from $86,000 to $87,200.
Despite the macroeconomic data that theoretically reduces pressure on the US Federal Reserve for more immediate rate hikes, Bitcoin was rejected at its multi-day peak. The asset first tumbled to $85,500 before bears took control and drove the price under $84,000, marking a decline of well over $3,000 within hours.
Altcoins followed Bitcoin's downward trajectory. Ethereum (ETH) fell $100 from an earlier peak of $2,750, while Ripple (XRP) was rejected at $1.55 and dropped to $1.45. Other assets including ZEC, DOGE, LINK, XMR, and ADA registered substantial daily losses of up to 7%.
The broader cryptocurrency market capitalization shed nearly $80 billion from its daily peak, falling to $2.880 trillion according to CoinMarketCap data. CoinGlass data indicates that total liquidated positions over a 24-hour period surpassed $570 million, with $186 million occurring in a single hour. Long positions accounted for 99% of the liquidations during that final hour, and the single-largest liquidated order reached nearly $12 million on Binance.
