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Bitcoin Drops as Strong Jobs Data Seen Keeping Fed on Rate-Hike Path

  • Strengthens expectations the Fed isn’t set to change course
  • Biggest cryptocurrency drops as much as 3.6% after report
Cryptocurrency Exchanges as Bitcoin Drops Below $40,000
Photographer: Angel Garcia/Bloomberg
Updated on

Bitcoin fell after the monthly US jobs report showed that payrolls expanded at a faster-than-expected pace and the unemployment rate fell, bolstering expectations that the Federal Reserve will continue the aggressive rate hikes that have pulled down risk assets.

Bitcoin, the largest digital coin by market value, dipped as much as 3.6% on Friday, its largest intraday drop over a week. The token traded as low as $19,333. Ether dropped as much as 3.4%, with other so-called altcoins like Solana and Avalanche also declining.