Crypto News Today: Bitcoin, Ethereum and XRP Prices Crash As Zcash Rallies 13%

Bitcoin dropped below the key $80,000 threshold, plunging $1,600 in just three minutes following the release of much stronger-than-expected August U.S. jobs data. Nonfarm payrolls surged by 162,000 against consensus forecasts of 55,000, while the unemployment rate held steady at 4.1%. The surprisingly robust labor market report drastically dampened expectations for near-term Federal Reserve interest rate cuts, prompting market participants to price in higher probabilities of rate hikes instead. The swift macroeconomic repricing triggered a broad-based selloff across risk assets, wiping out an estimated $835 billion across gold, silver, and cryptocurrency markets within 25 minutes of the release. Major digital assets tracked the decline, with Ethereum falling to $2,461.41 and XRP slipping to $1.41, though Zcash bucked the broader market downturn with a 13% rally to $1,034.80. The sharp reaction underscores the heightened sensitivity of cryptocurrency valuations to Federal Reserve policy trajectory and macro data releases, despite the total crypto market capitalization maintaining a $2.75 trillion valuation.