Bitcoin stabilizes after AI selloff, traders eye U.S. Jobs data
Bitcoin has seen a slight recovery, edging up 0.2% to around $76,150 after dipping to approximately $75,200 late Thursday. This bounce comes in the wake of a sharp selloff driven by concerns over AI data center investments, which led to the Nasdaq Composite dropping 5.5%. During this period, the crypto market was hit hard, with over $1 billion in leveraged positions liquidated within 24 hours. Bitcoin experienced a 5.3% decline, while ether fell by 7.3%.
Fidelity's FBTC and BlackRock's IBIT suffered big losses, with around $200 million and $105 million lost respectively. The outflow for IBIT marks its fifth consecutive session of losses. During this volatility, traders are now looking towards the U.S. Jobs report scheduled for 8:30 a.m. EST, where a payroll increase of 65,000 is anticipated for October.
This situation is big as it could influence market sentiment further, affecting crypto prices and trading behavior. With the job report on the horizon, traders are likely to remain cautious, monitoring any potential shifts in the economic space that could impact the crypto market.
$BTC
#Macro #CryptoNews
Bitcoin has seen a slight recovery, edging up 0.2% to around $76,150 after dipping to approximately $75,200 late Thursday. This bounce comes in the wake of a sharp selloff driven by concerns over AI data center investments, which led to the Nasdaq Composite dropping 5.5%. During this period, the crypto market was hit hard, with over $1 billion in leveraged positions liquidated within 24 hours. Bitcoin experienced a 5.3% decline, while ether fell by 7.3%.
Fidelity's FBTC and BlackRock's IBIT suffered big losses, with around $200 million and $105 million lost respectively. The outflow for IBIT marks its fifth consecutive session of losses. During this volatility, traders are now looking towards the U.S. Jobs report scheduled for 8:30 a.m. EST, where a payroll increase of 65,000 is anticipated for October.
This situation is big as it could influence market sentiment further, affecting crypto prices and trading behavior. With the job report on the horizon, traders are likely to remain cautious, monitoring any potential shifts in the economic space that could impact the crypto market.
$BTC
#Macro #CryptoNews
