A price swing which took place within one hour liquidated $50 million worth of long leveraged daily derivatives positioning on all cryptocurrencies according to CoinGlass data.

Over the last 24 hours, the broader based CoinDesk 20 index has been down to 3%, with declines of as much as 4% among BTC, ETH, XRP, and ADA.

Federal Reserve board member Waller noted that he supports “that’s a good case for front-loading the rate cuts.

On average, however, a smaller, 25 basis point cut would be more favourable for the prices of the assets, Sean Farrell of Fundstrat observed.

However, the small increase in the funds during the volatile trading immediately after the US jobs report last Friday started decreased back in tired trading and caused bitcoin (BTC) the largest cryptocurrency to its lowest point in over a month.

Bitcoin (BTC) rose to $57,000 on the back of this report only to retrace fully and trade less than $54,000 which was very last traded on August 5. In the last 24 hours, it has shed close to 3%. Most major altcoins lost ground too. Ether (ETH), solana (SOL), Ripple’s XRP and cardano (ADA) all experienced declines of 2%-4% over the same timeframe. The CoinDesk 20 Index decreased by 2.7%.

Attentions on Federal Reserve interest rate cuts

The non-farm payrolls report from the US was in line with analysts’ expectations as the US economy created only 142,000 new jobs in the month of August with most analysts predicting higher numbers while the unemployment rate dropped to 4.2% from 4.3 favorable level created in July.

Read more: U.S. Added 142K Jobs in August, Likely Setting Stage for 25 Basis Point Rate Cut

The latest data analysts had been left wondering how fast the Federal Reserve would cut rates, something that is expected in the next few days. The right most bar represents cme’s fedwatch data on septembre that quoted based traders placing over 70% on a 25 basis poct rat cut and nearly 30% on a larger her cut of 50 bps at fomst meeting on 18 september 2009.