Black Friday Market Plunges BTC Drops to 61K ETH Falls Below 3000
The U.S. non-farm payrolls fell short of expectations, intensifying concerns over economic growth slowdown. Government bond yields rose, and the stock market experienced a Black Friday. Cryptocurrencies also faced a severe downturn, with BTC plummeting to 61K and ETH dropping below 3,000 dollars.
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Non-farm payrolls below expectations
Government bond yields rise, stock market faces Black Friday
Cryptocurrencies undergo severe sell-off, 270 million dollars liquidated
BTC plunges to 61K, ETH breaks 3,000
Yesterday, the U.S. reported that non-farm payrolls in July only increased by 114,000, significantly below expectations, and the unemployment rate rose to 4.3%. This heightened concerns about a slowdown in economic growth, prompting investors to worry that the Federal Reserve may resort to aggressive measures, such as a two-rate cut in September, to revive the economy. The CME FedWatch data indicates that the probability of a two-rate cut in September is nearly 70%, with a potential five-rate cut by the end of the year.
The yield on the U.S. 10-year Treasury bond reported at 3.799%, a decrease of over 17 basis points, having touched a low of 3.79% during trading, the lowest level since December 2023.
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The VIX index surged, approaching 30%, marking the first occurrence since March of last year. Major U.S. stock indices closed significantly lower on Friday (August 1), with the Dow Jones falling below the 40,000 mark, the S&P 500 down 1.84%, and Nasdaq plummeting 2.43%.
The Taiwan stock market also experienced a collapse of over 1,000 points on Friday, marking the largest point drop in history, impacted by Intel’s disappointing earnings report, with chip stocks being the hardest hit in this wave of market turmoil.
Cryptocurrencies faced severe liquidation, with Coinglass heatmap indicating that 270 million dollars were liquidated within 24 hours, primarily from long positions, including 82.88 million dollars in Bitcoin and 73.75 million dollars in Ethereum.
Since March of this year, Bitcoin has repeatedly challenged the 70,000 mark but failed to maintain it for long. Yesterday, it plunged directly to 61K, forming a head pattern, with short-term support looking at the 60,000 level.
Ethereum also directly broke below the 3,000 mark, indeed replaying the “sell the news” scenario following the listing of the Bitcoin spot ETF!
Ethereum
Bitcoin
U.S. stocks
Non-farm payrolls
Further Reading
Powell hints at a rate cut in September, U.S. stocks surge, Bitcoin drops to 64K
U.S. stock market plummets, ETH follows Ethereum spot ETF listing with a “sell the news” scenario
