The cryptocurrency market is drowning in blood 🩸📉 Three reasons why traders are in risk-off mode ⚠️🚫
Cryptocurrency prices (according to CoinDesk data as of writing):
Bitcoin (BTC): $113,648 💰, down 1.4% 🔻 in 24 hours
Ethereum (ETH): $3,503 💸, down 3.7% 🔻
Ripple (XRP): $2.94 📉, down 1.5% 🔻
Solana (SOL): $164.13 🔥, down 2.7% 🔻
Dogecoin (DOGE): $0.1993 🐕, down 3.7% 🔻
---
Market Background 📊:
Crypto markets and US stocks saw sharp declines on Friday after the release of the report US monthly jobs data disappointed, with only 73,000 jobs added in July, far below expectations. 📉
Job numbers for May and June were revised downward, erasing most of the labor market gains seen during the second quarter. 📉
Rising long-term unemployment and a surge in job seekers are all indicators of accelerating labor market weakness. ⚠️
---
Political Reactions and Their Impact 🏛️🌍:
President Trump attacked the Bureau of Labor Statistics and called for the dismissal of its director, accusing her of manipulating the numbers to favor the opposing party ahead of the 2024 presidential election. This political escalation added further volatility and instability to the markets. 🔥
In another development, Trump announced the deployment of two US nuclear submarines in response to harsh statements from a Russian official, heightening geopolitical tensions. $BTC
