Key points:

• Bitcoin slides to fresh 8-month low
• Jobs data dents rate-cut hopes
• Broader crypto market sinks

Steep selloff showed no signs of stopping. The leading crypto asset is now lower by 35% from its record high.

✨ Crypto Selloff Accelerates

• Bitcoin BTCUSD fell under $82,000 early Friday, marking its lowest level since April and extending its decline to 35% below its all-time high.
• What began as a controlled pullback, with crypto bros saying it’s only a mere dip, has now morphed into a full-blown de-risking wave across the digital asset market.
• The late-arriving September employment report, delayed because of the government shutdown, showed the economy added 119,000 new jobs. This was a big surprise after much talk of weakness.

📢 Pain Across the Crypto Board

• Instead of clarifying the Federal Reserve’s path, the data complicated it. A firmer labor market could weaken the argument for another rate cut at the December meeting
• Higher-for-longer rates typically sap demand for speculative assets. Naturally, Bitcoin took the hit first. But it wasn’t the only one getting hurt.
• Ether plunged below $2,700, now lower by more than 46% from its near-$5,000 record. Solana dropped to $130, extending its multi-week slide. Total crypto market value sank further after this week’s liquidation-driven rout.

Source: Tradingview