$BTC Bitcoin Slumps Below $63K, Altcoins Rekt, as Crypto Succumbs to Risk Off Mood
Likely also hitting prices was the movement of nearly $2 billion of BTC and ETH in wallets linked with Genesis Trading.
Bitcoin's (BTC) attempt at even a modest early rally during U.S. trading hours Friday was quickly snuffed out, the price dropping 4% in about the past ninety minutes alongside a major slump in equity markets.
A weak July U.S. jobs report earlier Friday sent bond yields and the dollar plunging – the sort of action that often sends risk assets like stocks and bitcoin into the green, but it's not the case today. Just ahead of the noon hour in the U.S., the Nasdaq is down 3.1% and S&P 500 2.7%, led by an 11% post-earnings decline in Amazon (AMZN) and a 5% drop in Nvidia (NVDA). The Volatility Index (VIX) is up a whopping 54% today.
Likely also hitting prices was the movement of nearly $2 billion of BTC and ETH in wallets linked with Genesis Trading.
Bitcoin's (BTC) attempt at even a modest early rally during U.S. trading hours Friday was quickly snuffed out, the price dropping 4% in about the past ninety minutes alongside a major slump in equity markets.
A weak July U.S. jobs report earlier Friday sent bond yields and the dollar plunging – the sort of action that often sends risk assets like stocks and bitcoin into the green, but it's not the case today. Just ahead of the noon hour in the U.S., the Nasdaq is down 3.1% and S&P 500 2.7%, led by an 11% post-earnings decline in Amazon (AMZN) and a 5% drop in Nvidia (NVDA). The Volatility Index (VIX) is up a whopping 54% today.