• Crypto liquidations reached $1 billion in 24 hours, largely driven by BTC and ETH positions.
• Ethereum led losses among the top 10 cryptocurrencies, with a 2.9% decline.
• Zcash rose by over 12%, with most liquidations driven by short positions.

Bitcoin (BTC) dropped to $86,700 in midday trade on Thursday after a delayed September jobs report showed the U.S. economy added 119,000 positions, exceeding expectations.

This came after minutes from the October Federal Open Market Committee (FOMC) meeting released on Wednesday showed that officials expressed skepticism about the need for another rate cut in December. The CME Group’s FedWatch Tool indicated a 41.4% probability of another rate cut by the market.

Bitcoin’s price fell as much as 2.5% in the last 24 hours, with retail sentiment on Stocktwits trending in ‘bearish’ territory alongside ‘high’ levels of chatter over the past day. CoinGlass data showed that crypto market liquidations approached $1 billion for a second time this week, totaling $911 million in the last 24 hours. Long positions accounted for $703 million of that figure, while shorts made up $208 million.

Bitcoin led the liquidation wave with $370 million, followed by Ethereum (ETH) at $234 million, and Zcash (ZEC) saw $72.8 million dumped. However, most of Zcash’s liquidations were short bets as ZEC’s price gained more than 12% in the last 24 hours. On Stocktwits, retail sentiment around the privacy coin continued to trend in ‘extremely bullish’ territory, accompanied by ‘extremely high’ levels of chatter. 

Ethereum’s price was down 2.9% in the last 24 hours, leading losses among the top 10 cryptocurrencies by market cap. On Stocktwits, retail sentiment around the altcoin remained in ‘bearish’ territory as chatter rose to ‘high’ from ‘normal’ levels over the past day.

Read also: Coinbase Rolls Out Ethereum-Backed Loans – Increases BTC Loan Limit To $5 Million USDC

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