Bitcoin's Decline Amid U.S. Job Losses and Rising Unemployment

Bitcoin experienced a significant drop of over 5%, settling around $68,282, following the U.S. economy's loss of 92,000 jobs in February and an increase in the unemployment rate to 4.4%. According to NS3.AI, crypto derivatives liquidations reached approximately $370 million within 24 hours, with nearly half attributed to Bitcoin longs. Additionally, Bitcoin exchange-traded funds witnessed $228 million in outflows, reflecting cautious sentiment among institutional investors. Traders are now turning their attention to next week's economic calendar, which includes major inflation and labor data that could further impact risk assets like Bitcoin.