Major digital assets recorded losses on Thursday amid disappointing U.S. unemployment data, erasing much of their gains from the previous day, when the Federal Reserve cut interest rates by 25 basis points.
Bitcoin (BTC) fell 2.4% over the past 24 hours to $90,800, while Ethereum (ETH) dropped 5.7% to $3,200. Among other large-cap coins, XRP declined 3.2% to $2.01, BNB lost 3% to $875, and Solana (SOL) slipped 3.3% to $133.
The total cryptocurrency market cap is currently hovering around $3.18 trillion, down 2.7% on the day, with a 24-hour trading volume of $148 billion. Bitcoin maintains a dominance of 56.9%, while Ethereum accounts for 12.1% of the market.
The top gainers over the past 24 hours include Zcash (ZEC), which rose 6.7% to $462.45, and MemeCore (M), up 3.7% to $1.49.
The biggest losers over the past 24 hours include Cardano (ADA), down 10.7% to $0.4142, Polkadot (DOT), which fell 10.1% to $2.03, and Avalanche (AVAX), down 8.9% to $13.22.
Liquidations and ETF flows
Over the past 24 hours, crypto markets recorded roughly $500 million in liquidations, according to Coinglass, with $385 million in long positions and $144 million in short positions wiped out.
Bitcoin accounted for the majority of liquidations, with more than $172 million liquidated, followed by Ethereum at $154 million, and other altcoins totaling nearly $41 million.
In the ETF space, Bitcoin ETFs experienced nearly $224 million in inflows, marking a second straight day of gains. Ethereum ETFs followed with around $58 million in inflows, while XRP and Solana ETFs recorded $10 million and over $5 million, respectively, according to SoSoValue data.
Jobless Claims Rise
The recent crypto market downturn comes as U.S. weekly jobless claims rose by the most in nearly four and a half years, climbing 44,000 to 236,000. While the surge was larger than expected, economists noted it does not necessarily signal a major weakening in the labor market.
Meanwhile, Oracle (ORCL) shares fell as much as 15% after the company reported higher-than-expected AI costs and revenue that missed Wall Street estimates. Currently, the stock is trading at $199.38, down 11% on the day.
These developments come one day after the Federal Reserve cut interest rates for the third time this year, lowering the benchmark rate by 0.25% to 3.5%–3.75%. The rate cut passed with a 9-to-3 vote.
