Yesterday, institutions took advantage of the negative news regarding unemployment benefits and called out to the U.S. Secretary of the Treasury, stating that they would only use confiscated cryptocurrencies as strategic reserves. The crypto market experienced a massive crash as a result. Originally, the impact of this unemployment data wasn't as significant as the non-farm payroll data, but this led to a major washout. ETH dropped by 316 points, a decline of 6.54%, SOL fell by 19 points, a decrease of 9.37%, and Bitcoin dropped by 4537 points, a decrease of 3.73%. This data is quite terrifying, as a lot of retail investors' money vanished in an instant, and some even owe money to exchanges. This move to wash out the market using negative unemployment data caught many people off guard; it was completely unexpected to see such a crash. However, the situation has passed, and many have suffered significant losses, only able to recover when the market is favorable.

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