Experts name the reason for the fall of top crypto assets

Cryptocurrencies Bitcoin BTC $75,171.80 Mezo Wrapped BTC -0.63% Market capitalization $0.1 billion VOL. 24 hours $0.62 billion , Ethereum ETH $2,328.47 Bridged Ether (StarkGate) -0.88% Market capitalization $42.71 million VOL. 24 hours $0.49 billion and Dogecoin DOGE $0.09 Binance-Peg Dogecoin -1.60% Market capitalization $0.24 billion VOL. 24 hours $75.43 million have experienced a decline amid expectations of a key report on employment in the United States. Thus, the price of the main cryptocurrency fell by 2.54%, reaching $ 92,600, and Ethereum fell by 3.22%, trading at $ 3,220. Dogecoin lost 5.1% of its value, falling to $ 0.32. In general, the global market capitalization of cryptocurrencies decreased by 2.54% to $ 3.23 trillion.

The drop came after information emerged about the U.S. Department of Justice’s authorization to sell $ 6.5 billion in Bitcoin, which caused panic among investors. Over the past day, liquidations in the market reached $ 285 million, mainly due to losses on long positions.

Nevertheless, 68% of traders on Binance expect bitcoin to recover. If it returns to $ 100,000, liquidation of short positions could reach $ 780 million.

Analysts remain optimistic about long-term growth. According to CryptoQuant, Bitcoin has not yet reached the peak of the cycle. In turn, crypto expert Michael van de Poppe said that the current state of the Altcoin Season index provides an opportunity for the accumulation of altcoins before the start of the active period.

The market remains in a state of anticipation of the employment report, which will help determine the Federal Reserve’s further actions regarding monetary policy.