Following the release of Friday's U.S. jobs report, there was a brief rally in the cryptocurrency markets. However, this rally quickly reversed, and Bitcoin dropped below $55,000, down nearly 4% in the past 24 hours. The selloff was not limited to Bitcoin, as major altcoins such as ether, solana, Ripple's XRP, and cardano also experienced losses. The volatility caught leveraged traders off-guard, resulting in nearly $50 million in liquidations in one hour on the crypto derivatives markets. This price action coincided with a decline in key U.S. equity indexes, further contributing to the market downturn.



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