Why is Crypto Down Today? Bitcoin Retreats to $96.5K as U.S. Job Openings Rise

Bitcoin (BTC) and Ethereum (ETH) Fall as Job Data and Fed Projections Affect Market Sentiment
The world's largest cryptocurrency, Bitcoin, suffered a 5% drop from its all-time high of $64,000 as the U.S. job data showed strong gains in employment, leading to an increase in Treasury yields. This, coupled with the Federal Reserve's announcement that it plans to raise interest rates earlier than expected, resulted in a decline in market sentiment and a sell-off in major digital assets.

Ethereum (ETH) also saw a 5% drop from its $2,400 high, despite the highly anticipated London hard fork launch
The second-largest cryptocurrency, Ethereum, also experienced a decline in price as it fell 5% from its recent high of $2,400. This came as a surprise to many, as the highly anticipated London hard fork launch was expected to boost the price of ETH. However, the combination of the job data and Fed projections seemed to have a greater influence on the market.

Major Crypto Liquidations Total Over $400 Million Across the Market
The sharp decline in Bitcoin and Ethereum prices also resulted in over $400 million in liquidations across the market. This further added to the negative sentiment and uncertainty in the crypto market, as traders and investors were forced to close their positions due to the significant price drops. As a result, many crypto tickers, including BTC and ETH, saw increased volatility and a higher volume of trades.

Crypto Market Looks to Recover as Traders Take Advantage of the Dip and Buy the Dip Trending on Social Media
Despite the recent dip in prices, many traders and investors saw this as an opportunity to buy the dip and take advantage of the market's volatility. The "buy the dip" trend quickly spread on social media, with many using hashtags such as #BTC, #ETH, and #crypto to share their strategies and discuss the market's current state. As the market looks to recover, all eyes will be on how Bitcoin and Ethereum prices react in the coming days.

Conclusion: Market Volatility Continues as Job Data and Fed Projections Affect Crypto Market Sentiment
The recent decline in Bitcoin and Ethereum prices, along with the significant liquidations across the market, highlights the ongoing volatility in the crypto market. The influence of external factors, such as job data and Fed projections, further emphasizes the need for traders and investors to closely monitor market sentiment and be prepared for sudden price swings. As the market continues to evolve, it is essential to stay informed and adapt to changing market conditions.

Sentiment Result: Negative