Why crypto market is down today: U.S. jobs data and forced liquidations cause… – BitRss

• Crypto markets face heightened volatility as $443M in long positions are liquidated following robust U.S. jobs data.
• A strong labor market signals fewer rate cuts, pressuring Bitcoin, Ethereum, and risk-on assets.

The crypto market is down on the 9th of January, as a combination of stronger-than-expected U.S. economic data and significant liquidation events weigh heavily on investor sentiment.

The downturn has impacted major cryptos like Bitcoin[BTC] and Ethereum[ETH], sparking concerns over the market’s ability to sustain its recent momentum.

Stronger-than-expected U.S. jobs data sends shockwaves

On the 8th of January, the U.S. Bureau of Labor Statistics released the latest Job Openings and Labor Turnover Survey (JOLTS), revealing 8.096 million job openings for November 2024. This figure far exceeded the consensus estimate of 7.605 million, signaling robust labor market demand.

Stronger job openings data suggest the U.S. economy remains resilient, despite concerns about slowing growth. While this is good news for the broade…