The crypto market fell sharply today, wiping billions from major assets within hours. Bitcoin dropped to around $88,650, down more than 12% this week, while Ethereum slipped to $2,905 after a 14% seven-day decline. XRP also retreated to $2.05, extending its weekly losses to nearly 16%. The global market cap now sits near $3.06 trillion, showing how widespread the selling pressure has become.
Bitcoin’s decline appears to be driven by a mix of liquidations, profit-taking, and renewed macro uncertainty. With trading volume above $86 billion, aggressive swings show how nervous traders are.
Analysts say BTC falling below $90,000 has triggered automatic sell orders, pushing prices lower and dragging the rest of the market with it. Ethereum and Solana followed the same pattern as capital rapidly moved to stablecoins like USDT and USDC.
XRP’s slip to $2.05 comes at a time when excitement around new XRP ETFs is at its peak. Despite strong inflows and heavy trading activity, the broader risk-off sentiment is overwhelming individual catalysts.
XRP’s seven-day chart shows a steady decline as investors take profits ahead of upcoming ETF launches and volatility spikes across the market.
The biggest driver of today’s crash is the surprise jump in the US unemployment rate to 4.4%, the highest level in four years. This figure shows that the labor market is weakening faster than expected, raising concerns about a slowdown in economic activity. However, in a twist, US stock market futures are soaring at the same time.
The unusual reaction comes down to Federal Reserve policy expectations. A weakening labor market forces the Fed closer to cutting interest rates. Rate cuts are usually bullish for risk assets, but markets often drop in the short term before stabilizing. Crypto is responding with fear, while equities, especially tech—are reacting positively.
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