Bitcoin dropped below $87,000 on Thursday, erasing all the gains seen after Nvidia’s stronger-than-expected earnings report the previous day. The coin is down more than 2% today and briefly touched its lowest level in over six months.
Ethereum also fell back to $2,800, while XRP slid under the $2 mark. BNB lost its grip on $900, and although Solana is still holding above $130, it’s down over 30% compared to last month. All top 10 cryptocurrencies are showing losses compared to yesterday’s brief recovery.
Read also: Crypto Sentiment at Record Low: Fear and Greed Index Hits 10 for Second Day
September Jobs Report Adds Uncertainty
The delayed jobs report for September showed 119,000 new jobs added – far above expectations. But that wasn’t enough to calm markets. The unemployment rate also ticked up to 4.4%, getting closer to the 4.5% level that some Federal Reserve officials consider concerning.
Without an October jobs report and with limited time before the next Fed meeting in December, the path forward for interest rates remains unclear. Markets were hoping for signals that rate cuts might come soon. Instead, they got mixed messages, leading investors to pull back from riskier assets like crypto.
Read also: How Interest Rates Impact Bitcoin: Exploring the Correlation
The latest drop was worsened by liquidations. As Bitcoin lost the $90K support level, cascading stop-loss triggers and automated sell orders pushed prices down quickly. In just a few hours, over $100 billion was wiped from the total crypto market cap. Some traders rushed into stablecoins, while others exited positions entirely.
Read also: 6 Reasons Why Crypto Is More Volatile Than Other Assets
What’s Next?
Retail investors appear deeply divided. Some expect Bitcoin to fall further, with discussions growing louder around possible drops below $70K – this can also be seen in Fear and Greed Index, showing “Extreme Fear” for over a week. Others remain hopeful, pointing to the next halving cycle and strong institutional interest as reasons to stay optimistic.
However, for the short-term, until there’s more clarity on Fed policy or broader economic direction, crypto markets may continue to swing sharply on any new data point.
