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.
The altcoins have followed suit. ETH tapped $2,750 earlier today but now sits $100 lower. XRP was rejected again at $1.55 and now sits at $1.45. ZEC, DOGE, LINK, XMR, and ADA have marked even more substantial losses of up to 7% daily.
The total crypto market cap has shed almost $80 billion since the peak seen earlier today, and it’s down to $2.880 trillion on CMC.
Data from CoinGlass shows that the overall wrecked positions in the past 24 hours have jumped past $570 million. $186 million came in the past hour alone. Naturally, longs dominate, with 99% of the liquidated positions in the past hour coming from such positions.
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The single-highest wrecked order took place on Binance and was worth almost $12 million.
