Bitcoin Follows Wall Street Crash by Tumbling Toward $62K Amid Weak US Jobs Data

The volatility in the cryptocurrency industry continues, with the leading digital asset plummeting from $65,600 to $62,300 for the second time in the past day or so.

The main driver behind the latest price plunge could be attributed to the developments on US soil, as the jobs data was weaker than expected, and the stock market crashed.

The opening bell for the US stock market was met with immediate price declines from most larger companies and, naturally, the most prominent indexes. The SP 500 is down by over 2% daily, while the Nasdaq Composite’s decline went to 3% earlier today.

The overall market-wide crash has been linked to the US jobs data that was released earlier today, which was below expectations. The unemployment rate has skyrocketed to its highest levels since October 2021 of 4.3%.

Bitcoin reacted in a similar fashion. The asset had already faced tons of volatility at the end of the business week but it had recovered some ground and stood close to $65,500. However, it slumped hard to $62,200 for the second time in the past day.

BTC has since bounced off and now sits above $63,000. Most altcoins experienced identical price fluctuations, leaving over $300 million in liquidations on a daily scale.