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Incredible crypto comeback alert! 😱 A trader lost $1 million in a recent market crash due to risky trades. But here's the twist – the crypto community stepped up big time! 🙌 Despite the massive loss, the trader's followers donated $179,574 to help him recover. 🤯 Talk about solidarity! It shows that in the world of crypto, we stick together through thick and thin. When times are tough, the crypto fam has your back. 📈 It's a story of resilience and unity that inspires us all! 🚀🚀🚀 #CommunitySupport #CryptoComeback

Incredible crypto comeback alert! 😱 A trader lost $1 million in a recent market crash due to risky trades. But here's the twist – the crypto community stepped up big time! 🙌 Despite the massive loss, the trader's followers donated $179,574 to help him recover. 🤯 Talk about solidarity! It shows that in the world of crypto, we stick together through thick and thin. When times are tough, the crypto fam has your back. 📈 It's a story of resilience and unity that inspires us all! 🚀🚀🚀 #CommunitySupport #CryptoComeback

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### Why the Market is Down: US Jobs Report Causes Big Bitcoin Drop, Erases $500 Million in Open Interest The latest US jobs report had a big impact on the cryptocurrency market, causing over $500 million in Bitcoin investments to be wiped out. The US Bureau of Labor Statistics shared mixed news for May. On one hand, they reported 272,000 new jobs. On the other hand, unemployment went up to 4.0%, the highest since January 2022. People worked the same number of hours per week on average, and hourly wages went up by 0.4% in May, which is a 4.1% increase from last year. The private sector hired a bit more than 200,000 people per month over the last few months, compared to 155,000 at the end of last year. The total payroll for private-sector workers grew by 5.4% over the past year, down from the previous range of 6%-6.5%, matching 2018's highs. After this report, Bitcoin’s price fell by 2%, from $72,144 to $70,668, leading to many investors losing money. IT Tech stated, "Over $500 million of Bitcoin open interest was wiped out within minutes. Both short and long positions were liquidated." The mixed signals from the job report caused significant market changes. More hiring suggests a strong economy, but higher unemployment and steady work hours point to weaknesses. Charles Edwards, founder of Capriole Investments, noted, "Unemployment is at its highest since COVID, and markets reacted sharply. Often, the first reaction to these announcements is wrong. We'll see. But it seems like unemployment has bottomed out, suggesting US liquidity will need to increase soon. Rate cuts are likely." Based on the latest jobs report, Bitcoin and other digital assets are expected to remain unstable. Be cautious. If you are a long-term holder, it might be best to stick to your strategy and not panic.
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