Friday’s Market Meltdown: What Sent Bitcoin, Gold, and Wall Street Tumbling?
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Friday was a brutal day across all financial markets, including crypto, despite the US releasing its strongest jobs report in a year and a half. Analysts at the Kobeissi Letter said the surprising labor data boosted tightening expectations and risk-off flows, explaining the sharp sell-off and near-term downside pressure on tokens, DeFi, DEX and CEX activity.
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Friday was a brutal day for essentially all financial markets, even though the only notable news that went live was positive, as the US saw the strongest jobs report in a year and a half.
The analysts at the Kobeissi Letter tried to simplify what transpired and explain why markets reacted in such a painful manner.
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