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Bitcoin dropped nearly 2% in reaction to Friday’s US jobs report, trading around $23,250 early in the morning. As reported by CoinJournal, Bitcoin briefly fell against the US dollar after reaching a high of $24,086.
Across cryptos, Ethereum fell towards $1,600 with a loss of around 1.4%.
As mentioned earlier, the early action across cryptocurrency prices reflects the opening on Wall Street, after the January jobs report showed a better-than-expected rise in nonfarm payrolls. , the three major US indices fell.
According to data released by the U.S. Bureau of Labor Statistics, the labor market is Added 517,000 jobs in the first month of 2023. Statistics show unexpected growth, surpassing economists’ estimates of 188,000.
The US economy added far more jobs in January than the 223,000 it managed in December and the unemployment rate fell to its lowest level in more than half a century.Around data, the unemployment rate is now down to 3.4%, the lowest level in the US since 1969. The economist had expected the unemployment rate to be 3.5%.
The market’s reaction to the economic data, combined with sentiment for disappointing earnings results across big tech, fueled an early selloff on Wall Street. They may also be nervous about what this means for the Fed’s inflation outlook.
The S&P 500 lost nearly 1%, but the Dow Jones Industrial Average lost 100 points and regained its footing. The Nasdaq Composite fell more than 1.3% in early trading, affected by the decline across tech stocks.
Major indices are trying to make up for early losses, as is Bitcoin trading near $23,500 as of 10:25 am ET. BTC could retest intraday highs just above $24,000 if the bulls pick up momentum.
