{"id":32563,"date":"2023-07-07T06:58:15","date_gmt":"2023-07-07T10:58:15","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bitcoin-sinks-on-fears-of-higher-rates-as-u-s-jobs-report-looms\/"},"modified":"2023-07-07T06:58:16","modified_gmt":"2023-07-07T10:58:16","slug":"bitcoin-sinks-on-fears-of-higher-rates-as-u-s-jobs-report-looms","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=32563","title":{"rendered":"Bitcoin Sinks on Fears of Higher Rates as U.S. Jobs Report Looms"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000687058\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        Bitcoin<br \/>\n      and other cryptocurrencies fell Friday, following stocks lower amid rising expectations of interest-rate hikes from the Federal Reserve. That narrative likely will be advanced one way or another after the release Friday of the U.S. jobs report.<\/p>\n<p>The price of Bitcoin has dropped 4% over the past 24 hours to below $30,100, with the largest digital asset vulnerable to a slide below the psychologically important $30,000 level. Bitcoin rallied past that key mark last month after applications by<br \/>\n        BlackRock<br \/>\n       (ticker: BLK) and others for spot Bitcoin exchange-traded funds, raising hopes of new retail and institutional interest in crypto. While the applications injected new bullish sentiment into cryptos, macroeconomic forces are creeping in as other catalysts.<\/p>\n<div class=\"paywall\">\n<p>\u201cThe news flow relating to spot bitcoin ETF filings seems to be losing its effect on the price, while solid U.S. economic data have pushed up Treasury yields, pressuring Bitcoin\u2019s price,\u201d said Yuya Hasegawa, an analyst at crypto exchange Bitbank. \u201cEven if the jobs report indicates some cooling in the U.S. labor market, Bitcoin will still likely struggle breaking out of the current range.\u201d<\/p>\n<p>Like the<br \/>\n        Dow Jones Industrial Average<br \/>\n       and<br \/>\n        S&amp;P 500<span>,<\/span><br \/>\n       Bitcoin is likely to move Friday on the back of the U.S. jobs report\u2014a key indicator for how hot the economy is running. The jobs data will be monitored closely by the Fed as it fights against decades-high inflation.\u00a0<\/p>\n<p>Resilient jobs data this week, particularly the ADP employment report on Thursday, have reignited fears that the central bank will continue to ramp up rates even after pausing in June, with markets bracing for a hike this month and possibly another in September. The ADP data sent stocks spiraling lower on Thursday and Bitcoin followed.<\/p>\n<p>\u201cThe macro red-letter days are coming thick and fast for Bitcoin with the U.S. jobs report following uber-strong private payrolls data on Thursday and Wednesday\u2019s hawkish Fed minutes\u2014both of which left the door wide open for another rate hike this month, and possibly more in the offing,\u201d said Sam Yilmaz, co-founder of crypto-focused venture capital group Bloccelerate.<\/p>\n<p>Rising rates were a huge headwind for cryptos last year, while optimism in 2023 that the worst was over helped Bitcoin to its best first half to a year since 2019. The jobs report, due at 8:30 a.m. Eastern time, will be among the last major economic data releases before the Fed\u2019s next decision on rates in late July.<\/p>\n<p>Beyond Bitcoin,<br \/>\n        Ether<br \/>\n      \u2014the second-largest crypto\u2014sank 5% to $1,850. Smaller tokens, or altcoins, also were weak, with<br \/>\n        Cardano<br \/>\n      dropping 4% and<br \/>\n        Polygon<br \/>\n       sliding 5%. It was more of the same in memecoins, with<br \/>\n        Dogecoin<br \/>\n      down 5% and<br \/>\n        Shiba Inu<br \/>\n       down 6%.<\/p>\n<p>Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/bitcoin-crypto-markets-today-jobs-report-322a5868?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin and other cryptocurrencies fell Friday, following stocks lower amid rising expectations of interest-rate hikes from the Federal Reserve. That narrative likely will be advanced one way or another after the release Friday of the U.S. jobs report. The price of Bitcoin has dropped 4% over the past 24 hours to below $30,100, with the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-32563","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Sinks on Fears of Higher Rates as U.S. Jobs Report Looms | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Bitcoin and other cryptocurrencies fell Friday, following stocks lower amid rising expectations of interest-rate hikes from the Federal Reserve. 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