Bitcoin’s price rejected at $75,000 and dropped sharply to around $73,200 following a positive U.S. jobs report, triggering over $120 million in liquidations within an hour. The majority of wrecked positions were long trades, with daily losses reaching approximately $350 million among nearly 140,000 traders.
Bitcoin’s price ascent ended minutes ago as the asset was rejected at $75,000 and pushed south by two grand in minutes. The notable decline came after the U.S. jobs report for the past week was released.
The U.S. Labor Department announced that initial claims for state unemployment benefits dropped 11,000 to a seasonally adjusted 207,000 for the week ending April 11. Forecasts had been slightly higher at around 215,000 claims.
“At some point, elevated energy costs and prices for materials will cause firms to lay off marginal workers to protect profit margins. Just keep in mind that in the 1973 oil shock, it took about three months for claims to start to rise in any meaningful way,” commented High Frequency Economics’s chief economist, Carl Weinberg, in a Reuters report. Although this news was somewhat positive, Bitcoin’s price dipped immediately after the report went live.
The cryptocurrency traded at $75,000 but dumped to $73,200 in minutes before rebounding slightly to $73,700. Liquidations jumped immediately as most alternative cryptocurrencies followed with similar moves.
In the past hour alone, over $120 million in long and short positions were wrecked, with the former dominating. On a daily scale, the total value reached approximately $350 million.
Almost 140,000 traders have been liquidated in the past day. The single-largest liquidation took place on Binance and was worth nearly $10 million.
