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The main reason for the big dump of #打榜优质内容#
Last night, the cryptocurrency market suffered a sudden blow, with ETH rapidly falling from $3600 to $3431, and Bitcoin also unable to hold above $115000. The trigger for this big dump was mainly the significant downward revision of the previously interpreted positive U.S. employment data, which sparked panic in the market.
In May, the non-farm payrolls were originally announced to be 144,000, but were significantly revised down to only 19,000; the June figure was also cut from 147,000 to 14,000. Such a "violent correction" directly devastated the entire market, rendering even financial reports meaningless. It's like a project team boldly announcing a buyback of $10 million worth of tokens to boost the market, only to end up putting forth a mere $500, leading to a natural collapse in market sentiment!
Trump also spoke out on this, calling it a "premeditated manipulation":
"I believe the employment data released today has been deliberately tampered with, aimed at making me look bad—just like before and after the 2024 election, they first release a few days of good-looking data, and once the election is over, they drastically revise it downwards. This is essentially a scam."
He then directly ordered the removal of Erika McEntarfer from the position of Director of the Bureau of Labor Statistics, with Deputy Director William Wiatrowski temporarily taking over.
However, from another perspective, this "big dump" in employment data actually provides more reasons for interest rate cuts. From this angle, the impact may only be short-term.
According to Alternative data, the cryptocurrency Fear and Greed Index today is 55 (down from 65 yesterday), indicating a significant decline in market greed sentiment. Note: The panic index threshold ranges from 0 to 100 and includes the following indicators: Volatility (25%) + Market Trading Volume (25%) + Social Media Popularity (15%) + Market Surveys (15%) + Bitcoin's Proportion in the Overall Market (10%) + Google Trends Analysis (10%).
According to Coinglass data, if Bitcoin falls below 112,000 USD, the cumulative long liquidation intensity of mainstream CEX will reach 1.09 billion. Conversely, if Bitcoin rises to 116,713 USD, the cumulative short liquidation intensity of mainstream CEX will reach 2.504 billion.