December US Jobs Data Sparks Immediate $2K Bitcoin Price Drop
Bitcoin doesn’t seem to react well to news coming from the United States political and economic scene, as the asset dropped by two grand in the past half an hour or so.
This came after the latest US jobs report for December, which outlined a massive discrepancy in the newly added jobs compared to the more modest expectations.
JUST IN: U.S. employers added 256,000 jobs in December, surpassing economist expectations of 155,000 jobs added, U.S. Bureau of Labor Statistics data showed. The growth indicates President-elect Donald Trump will inherit a healthy economy. https://t.co/mlgzMd17m0 pic.twitter.com/mKyvgdwADJ
— ABC News (@ABC) January 10, 2025
As the data above shows, December alone saw the addition of more than 100,000 jobs above the general expectations, according to data from the US Bureau of Labor Statistics.
While this may sound good for the overall US market conditions, the cryptocurrency space reacted with immediate and violent price retracements.
BTC, whose price has struggled since the start of the week and the brief spike above $100,000, had recovered some ground and stood at $95,000. The news, though, sent in flying south by two grand in minutes.
The altcoins reacted in a similar fashion, with ETH sliding back toward $3,200, XRP going from $2.31 to $2.24 before a minor recovery to $2.27, and so on.
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The liquidations are up to over $320 million on a daily scale, while the number for the past hour alone has gone above $60 million. More than 120,000 traders have been wrecked in the past day, according to Coinglass.
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