The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Happy Friday! The ongoing crypto sell-off may be relentless, but we'll try to keep things upbeat as we dive into the latest news.
In today's market crash special, bitcoin plunges further as U.S. jobs data dampens rate cut hopes, JPMorgan says the correction appears to be driven by retail selling of BTC and ETH ETFs, crypto liquidations top $2 billion in 24 hours, and more.
Meanwhile, U.S. officials probe Chinese bitcoin-mining machine giant Bitmain over national security concerns.
P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!
Bitcoin is trading near $84,000, recovering after plunging to new local lows of approximately $80,500 earlier on Friday, triggered by stronger-than-expected U.S. jobs data.
JPMorgan analysts said the latest crypto correction is being driven mainly by retail outflows from spot Bitcoin and Ethereum ETFs, with about $4 billion pulled from the funds so far in November.
Continuing on the ETF theme, U.S. spot Bitcoin ETFs logged $903 million in net outflows on Thursday — their second-largest daily drawdown ever — marking a sharp sentiment reversal from earlier this month.
Over $2 billion in leveraged crypto positions were wiped out in the past 24 hours amid bitcoin's latest plunge, triggering one of the largest liquidation waves of the year and the biggest since Oct. 10.
Digital asset treasury firms are taking heavy damage, with their combined market caps nearly halving from a $176 billion peak in July to about $99 billion today, tracking the sharp decline in crypto prices.
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Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT and reviewed and edited by our editorial team.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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