As of 7:30 on September 7, over the preceding 24-hour period, the price of Bitcoin neared $110,000 per unit. During this time, its trading volume experienced a sharp decline, dropping by nearly 72%. Similarly, the trading volume of XRP plummeted by almost 70%, while Ethereum and SOL both witnessed drops exceeding 60%. According to data from Coinglass, in the cryptocurrency market, nearly 67,000 individuals encountered liquidation, with the cumulative liquidation amount reaching a staggering $118 million.

On the news front, the U.S. non-farm payrolls data for August significantly missed market expectations. The report revealed that only 22,000 new jobs were added during the month, and the unemployment rate climbed to 4.3%, marking its highest level since the end of 2021. In light of these developments, traders now anticipate a 100% probability of the Federal Reserve implementing an interest rate cut in September.