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Key Takeaways
Bitcoin (
$74,424.00 ) ’s price fell to $92.5K following stronger-than-expected US jobs data.
The broader crypto market also declined, erasing a 12-hour rally.
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Bitcoin ( $74,424.00 ) erased its 12-hour rally on Friday, retreating to $92.5K in the immediate aftermath of stronger-than-expected US jobs data.
The largest crypto asset by market cap printed 14 consecutive hourly green candles earlier in the day, climbing 3.5% from just below $92,000 to $95,000.
However, the release of robust economic data reversed the trend, pulling Bitcoin ( $74,424.00 ) and the broader crypto market into the red.
The US economy added 256,000 jobs in December, significantly surpassing forecasts of 160,000.
The unemployment rate dipped to 4.1% from November’s 4.2%, signaling a hotter-than-anticipated labor market.
The report comes amid expectations of Federal Reserve rate cuts in 2025, which are now being scaled back following the jobs data.
Bitcoin ( $74,424.00 ) ’s decline mirrored a broader selloff in the crypto market, with total market capitalization down 2% over the past 24 hours, according to CoinGecko.
Major altcoins, including Ethereum (
$2,277.66 ) , Solana, and Dogecoin (
$0.094 ) , also erased their gains from the past day, returning to levels seen 24 hours ago.
The jobs data adds to a week of volatility for Bitcoin ( $74,424.00 ) , which had started the week near $103,000 before falling to a low of $92,000 on Thursday.
The report’s impact was felt across traditional markets as well, with US stock index futures down about 1%, the 10-year Treasury yield climbing nine basis points to 4.78%, and the dollar index rising 0.6%.
Traders have quickly scaled back expectations for further Federal Reserve rate cuts in 2025, with CME FedWatch showing the odds of a March rate cut dropping to 25% from 41% before the jobs report.
The market has since recuperated slightly, with Bitcoin ( $74,424.00 ) trading at $93,500 at press time, though it remains down overall.
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