#美国非农数据超预期影响市场 $BTC
The U.S. non-farm payroll data for December exceeded expectations, which is significantly negative for the crypto market, directly triggering a sharp price drop and large-scale liquidations, specifically reflected in the following aspects:
1. Impact on short-term prices and triggering liquidations: After the data was released, cryptocurrencies plummeted sharply, with Bitcoin experiencing a single-day decline of over 5%, and even encountering an intraday flash crash, while mainstream coins like Ethereum also fell significantly. The high-leverage trading concentrated in the market triggered a chain of forced liquidations, with over 190,000 traders liquidated on December 7 alone, totaling $553 million in liquidations.
2. Changing capital flows: Strong data reinforced expectations for the Federal Reserve to maintain high interest rates, causing funds to flow more towards U.S. Treasury bonds, which are risk-free and provide stable interest income. Recently, over $2 billion has flowed out of cryptocurrency funds into bonds and money market funds, exacerbating the price decline pressure due to the lack of new funds entering the crypto market.
3. Dragged down by a strong dollar: The better-than-expected non-farm data pushed the dollar index higher, while cryptocurrencies are usually negatively correlated with the dollar. The investment cost of cryptocurrencies priced in dollars has increased, reducing their attractiveness, which has become one of the key factors weighing down their prices.
4. Impact on market sentiment and expectations: This non-farm data has completely dashed market expectations for a Federal Reserve rate cut. The crypto market already relies on loose liquidity and market expectations to support prices; this reversal of policy expectations has undermined investor confidence, spreading panic in the market and creating a vicious cycle of 'decline - liquidation - further decline.'