Bitcoin Crash Wipes Out $295M After Hitting $82K

Bitcoin gave up all its daily gains in a sudden market reversal. Prices surged to a high of $82,281 before plummeting below $78,700. The leading cryptocurrency later stabilized near $79,500, but the violent swing took a heavy toll on leveraged traders.

Data shows the sharp pullback wiped out roughly $295 million in long positions across the broader crypto market. Bitcoin's total market capitalization shrank from $1.62 trillion down to $1.57 trillion in just a few hours.

The sudden drop was triggered by stronger than expected United States jobs data. Analysts note that a resilient labor market reduces the chances of aggressive interest rate cuts from the Federal Reserve, which often pressures risk assets like crypto.

Traders should watch the $78,000 support level closely over the next few sessions. If buyers fail to defend this zone, the market could see further consolidation before another attempt at the highs.