December US jobs data prompts Bitcoin price to drop $2,000 immediately

Bitcoin doesn’t seem to be reacting well to news coming out of the US political and economic scene, as the asset dropped two thousand in the last half hour or so.

This followed the latest US jobs report in December, which highlighted a massive discrepancy in new job additions compared to more modest expectations.

ADJUSTMENTS: US employers added 256,000 jobs in December, beating economists’ expectations of 155,000 jobs added, data from the US Bureau of Labor Statistics showed. The growth signals that President-elect Donald Trump will inherit a healthy economy. https://t.co/mlgzMd17m0 pic.twitter.com/mKyvgdwADJ

— ABC News (@ABC) January 10, 2025

As the data above shows, more than 100,000 jobs were added in December alone above general expectations, according to data from the US Bureau of Labor Statistics.

While this may sound good for overall US market conditions, the cryptocurrency space reacted with immediate and violent price pullbacks.

BTC, whose price has struggled since the start of the week and briefly rose above $100,000, had regained some ground and stood at $95,000. The news, however, was sent flying south for two thousand in minutes.

BTCUSD. Source: TradingView

Altcoins reacted in a similar fashion, with ETH returning towards $3,200, XRP moving from $2.31 to $2.24 before a minor recovery to $2.27, etc.

Liquidations exceed $320 million on a daily basis, while the figure for the last hour alone has exceeded $60 million. More than 120,000 traders have been hacked in the last day, according to Coinglass.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato readers on Bybit – Use this link to register and open a FREE $500 position with any currency!