Some $285 million worth of crypto long positions have been liquidated across the board in the last hour alone, per data from CoinGlass, along with $12 million in short positions. Expanded out daily, there's $399 million worth of long position liquidations over the past 24 hours, plus $47 million in shorts.

Bitcoin dipped from a price above $71,000 to under $69,000 in a matter of about 40 minutes, while Ethereum plunged from $3,800 to under $3,650. Both coins are starting to rebound.

Earlier in the day, the crypto market had shrugged off hotter-than-expected jobs data from the U.S. Labor Department.

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"Hard assets are suffering due to the potential impact of Fed rates being 'higher for longer,'" Amberdata's Director of Derivatives Greg Magadini told Decrypt, pointing to Friday's labor figures.