Black Friday Market Bloodbath BTC Drops to 61K ETH Falls Below 3000
U.S. Non-Farm Payrolls Lower than Expected, Intensifying Concerns of Economic Slowdown, Bond Market Rises, Stock Market Experiences Black Friday. Cryptocurrencies Also Experience a Bloodbath, BTC Drops to 61K, ETH Falls Below $3,000.
Yesterday, the U.S. announced that non-farm payrolls in July only added 114,000 people, far below expectations, and the unemployment rate rose to 4.3%. This has intensified concerns about economic growth slowdown, causing investors to worry that the Federal Reserve will need to take drastic measures, such as cutting interest rates by two notches in September, to save the economy. CME FedWatch data shows that the probability of a two-notch interest rate cut in September is close to 70%, and there may be a five-notch interest rate cut by the end of the year.
The U.S. 10-year Treasury yield reported 3.799%, dropping more than 17 basis points and hitting a low of 3.79% during the session, the lowest level since December 2023.
The panic index VIX surged, reaching nearly 30%, the highest since March last year. Major U.S. stock indexes closed significantly lower on Friday (8/1), with the Dow falling below the 40,000 mark, the S&P 500 falling 1.84%, and the Nasdaq plummeting 2.43%.
Taiwan’s stock market also plummeted over a thousand points on Friday, marking the largest drop in history. Intel’s earnings falling short of expectations made chip stocks the hardest-hit area in this stock disaster.
Cryptocurrencies also faced a bloodbath. According to Coinglass heat map, the amount of liquidation in the past 24 hours reached $270 million, mainly from long positions, with $82.88 million in Bitcoin and $73.75 million in Ethereum.
Bitcoin has challenged the 70,000 level several times since March this year, but has been unable to sustain it for long. Yesterday, it dropped directly to 61K, forming a head pattern, with short-term support at the 60,000 whole number level.
Ethereum also directly fell below the 3,000 level, confirming the “sell the news” trend that occurred after the launch of the Bitcoin spot ETF.
Ethereum
Bitcoin
U.S. stocks
Non-Farm Payrolls
