The main reason for the big dump of #打榜优质内容#

Last night, the crypto market suddenly experienced a heavy fall, with ETH rapidly dropping from $3600 to $3431, and Bitcoin also failing to stay above $115000. The trigger for this big dump was mainly the US employment data, which had previously been interpreted as positive, suddenly being significantly revised downwards by the authorities, causing panic in the market.

In May, the non-farm payrolls were originally reported at 144,000, but were drastically revised down to only 19,000; the June figure was also slashed from 147,000 to 14,000. Such a "big dump" in revisions directly crushed the entire market, rendering earnings reports meaningless. It's like a project team loudly announcing a buyback of 10 million dollars worth of tokens to boost the market, but in the end, only offering a mere 500 dollars, leading to a natural collapse in market sentiment!
Trump also spoke on this, stating that it is a "premeditated manipulation":
"I believe the employment data released today has been deliberately tampered with, intended to embarrass me—just like before and after the 2024 election, they first present a few days of favorable data, and once the election is over, they go on a crazy downward adjustment. This is fundamentally a scam."
He then directly ordered the removal of Labor Statistics Bureau Director Erika McEntarfer from her position, with Deputy Director William Wiatrowski temporarily taking over.
However, from another perspective, this "big dump" in employment data actually provides more reasons for interest rate cuts, and from this level, the impact may only be short-term.

According to Alternative data, the cryptocurrency Fear and Greed Index today is 55 (down from 65 yesterday), indicating a significant decline in market greed sentiment. Note: The panic index threshold is 0-100, including indicators: Volatility (25%) + Market Trading Volume (25%) + Social Media Heat (15%) + Market Surveys (15%) + Bitcoin's Proportion in the Overall Market (10%) + Google Trends Analysis (10%).
According to Coinglass data, if Bitcoin falls below $112,000, the cumulative long liquidation intensity of mainstream CEX will reach $1.09 billion. Conversely, if Bitcoin rises to $116,713, the cumulative short liquidation intensity of mainstream CEX will reach $2.504 billion.