Crypto Market Bloodbath: Three Reasons Traders Are in Risk-Off Mode
Main Idea
A weak U.S. jobs report, rising geopolitical tensions, and recession fears triggered a broad sell-off in cryptocurrencies and equities, with BTC and ETH leading the decline.
Key Points
1. The July U.S. jobs report showed only 73,000 jobs added, with a downward revision of 258,000 jobs for May and June, sparking market concerns.
2. BTC dropped 1.4% to $113,648, while ETH, XRP, SOL, and DOGE saw steeper declines, mirroring losses in U.S. stock markets.
3. Former U.S. President Trump accused the Bureau of Labor Statistics of political bias and escalated geopolitical tensions by announcing the deployment of nuclear submarines in response to Russian statements.
4. Expectations for a Fed rate cut in September increased, but recession fears overshadowed any optimism, driving investors toward safer assets like Treasurys and cash.
Description
As of the time of writing, according to CoinDesk Data, BTC was trading at around $113,648, down 1.4% in the past 24 hours. ETH, XRP, SOL and DOGE posted steeper declines, with ETH down 3.7% to $3,503, XRP off 1.5% at $2.94, SOL down 2.7% at $164.13 and DOGE dropping 3.7% to $0.1993. The downturn followed a string of economic and geopolitical shocks on Friday that rattled investor sentiment across both equity and digital asset markets. U.S. stocks also closed sharply lower on Friday, with the Dow...
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