- Bitcoin fell from its multi-day peak to below $84,000 after the US jobs report was released.
- The total cryptocurrency market capitalization dropped by almost $80 billion to $2.880 trillion.
- More than $570 million in crypto positions were liquidated over the past 24 hours, with longs accounting for 99% of the past hour’s liquidations.
Bitcoin Drops Below $84,000 After US Jobs Report
Bitcoin was rejected at its multi-day peak and initially declined to $85,500 before sellers pushed the price below $84,000. The move wiped more than $3,000 from the price of Bitcoin (BTC) within hours of the US jobs report’s release.
BTC had reached a higher level earlier in the day before the sharp reversal, according to the BTCUSD chart dated October 2 from TradingView. The decline marked a rapid shift in market momentum as bearish pressure intensified across the cryptocurrency market.
Ethereum, XRP and Major Altcoins Also Slide
Major altcoins followed Bitcoin lower. Ethereum (ETH) reached $2,750 earlier in the day but later traded about $100 below that level. XRP was rejected again at $1.55 and fell to $1.45.
Bitcoin Analyst Who Correctly Predicted the Previous Drop Forecasts What Could Happen Next
Zcash (ZEC), Dogecoin (DOGE), Chainlink (LINK), Monero (XMR), and Cardano (ADA) recorded larger daily declines, with losses of as much as 7%. The broad-based sell-off showed that weakness was not limited to Bitcoin as traders reduced exposure across both major and alternative cryptocurrencies.
Crypto Market Cap Loses Nearly $80 Billion
The total cryptocurrency market capitalization fell by almost $80 billion from its peak earlier in the day. CoinMarketCap data placed the market’s total value at $2.880 trillion following the decline.
Liquidations also accelerated as prices moved lower. Data from CoinGlass showed that total liquidated positions over the previous 24 hours had exceeded $570 million, including $186 million during the preceding hour. Long positions accounted for 99% of the liquidations recorded in that hour, indicating that traders positioned for further price gains were hit hardest by the sudden reversal.
Binance Records Largest Individual Liquidation
The largest individual liquidation order was recorded on Binance and was worth almost $12 million. The scale of the liquidation activity highlights the impact of the rapid Bitcoin decline on leveraged traders and helps explain the speed of the broader market sell-off.
Why This Matters
The sharp reaction illustrates how quickly cryptocurrency markets can respond to major US economic data. Bitcoin’s decline spread to Ethereum, XRP and several other large altcoins, while concentrated long liquidations added further selling pressure. Traders will continue to monitor Bitcoin’s ability to stabilize after falling below $84,000 and whether liquidation activity remains elevated across major exchanges.
Frequently Asked Questions
Why did Bitcoin fall?
Bitcoin was rejected at its multi-day peak and dropped after the release of the US jobs report. It fell from $85,500 to below $84,000 within hours.
How much cryptocurrency was liquidated?
More than $570 million in crypto positions were liquidated over the previous 24 hours, including $186 million in the past hour covered by the report.
Which cryptocurrency recorded the largest liquidation?
The largest single liquidated order occurred on Binance and was worth almost $12 million.
