Bitcoin and other cryptocurrencies fell after the release of Friday's U.S. jobs report, which marked the second time in a month that the announcement soured risk sentiment this week and revealed further signs of inflationary pressures. There was a risk that a currency adjustment would occur.
Bitcoin price fell by 1% in the past 24 hours to $66,000. The largest digital asset was trading at $66,800 before the release of the March U.S. non-farm payrolls numbers. Bitcoin hit an all-time high of nearly $74,000 in mid-March, but has struggled to consolidate around that level.
Bitcoin
Other cryptocurrencies fell following the release of Friday's US jobs report, which revealed further signs of inflationary pressures and worsened risk sentiment this week, leading to the second crypto correction in a month. There was a risk that this would occur.
Bitcoin price fell by 1% in the past 24 hours to $66,000. The largest digital asset was trading at $66,800 before the release of the March U.S. non-farm payrolls numbers. Bitcoin hit an all-time high near $74,000 in mid-March, but has struggled to consolidate around that level, and Bitcoin has endured a volatile decline since reaching its peak. , there is a risk of a similar correction this week.
The focus on Friday was on the US jobs report, which appears to be impacting Bitcoin as well as the stock market. Cryptocurrencies are largely correlated with stocks, and both assets are on the rise this week amid concerns that sustained inflation could lead the Federal Reserve to keep interest rates at generation highs for longer than previously thought. The class has fallen.
The outlook for inflation and interest rates remains key to expanding market risk sentiment, with investors looking for signs that the labor market and inflation are cooling. The data doesn't reflect that, with the U.S. economy adding 303,000 jobs in March, far more than the 200,000 jobs expected among economists surveyed by FactSet. It was higher than that.
Beyond Bitcoin
ether
The second-largest cryptocurrency by market capitalization fell 4% to $3,200. Smaller tokens and altcoins also slumped, with Solana dropping his 10%.
ripple
1% lower. Memecoin was in the red.
dogecoin
decreased by 8%,
Shiba Inu
2% off.
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Email Jack Denton at jack.denton@barrons.com.