Bitcoin Hits Lowest Price in a Month Following Weak US Jobs Report – Decrypt

Bitcoin Price Bitcoin plummeted to below $54,000 per coin on Friday after the U.S. jobs report showed payroll numbers were weaker than expected.

Bitcoin, the largest digital asset by market cap, is currently trading at $53,829, its lowest price since Aug. 5, according to CoinGecko. It has fallen about 5% in the past 24 hours and is down 8% for the week.

Markets reacted to data from the Labor Department, which said the economy added 142,000 jobs, below the expected 160,000. The unemployment rate fell slightly to 4.2% from 4.3%, but the disappointing jobs report intensified concerns that the U.S. economy may be weaker than previously thought.

Investors also sold off other risky assets after the data was released, sending tech stocks lower, with the S&P 500 down 1% and the Nasdaq down nearly 2%.

Bitcoin and other cryptocurrencies trade largely like U.S. stocks, fluctuating in value depending on hints about what the Federal Reserve might do about interest rates.

The central bank is expected to finally cut interest rates this month after raising them to a 22-year high in 2022 to curb inflation. The question now is how big the cut will be.

of Ethereum Pricethe second largest coin, Bitcoin has dropped nearly 4% in value in the last 24 hours, currently trading at $2,282. Other major coins and tokens have seen similar declines over the past day, with meme coin Dogecoin down 5% and XRP down 4%, trading at $0.093 and $0.52, respectively.

Bitcoin is currently nearly 27% below its all-time high of $73,737 hit in March, after the historic approval of a spot ETF led to a surge in inflows into the space.

Editor: Andrew Hayward