{"id":32931,"date":"2023-07-08T03:40:03","date_gmt":"2023-07-08T07:40:03","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bitcoin-price-falls-on-fears-of-higher-rates-a-cool-jobs-report-isnt-helping\/"},"modified":"2023-07-08T03:40:04","modified_gmt":"2023-07-08T07:40:04","slug":"bitcoin-price-falls-on-fears-of-higher-rates-a-cool-jobs-report-isnt-helping","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=32931","title":{"rendered":"Bitcoin Price Falls on Fears of Higher Rates. A Cool Jobs Report Isn&#8217;t Helping."},"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<div style=\"padding-bottom:66.66666666666666%;\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\"><\/div>\n<\/figure><\/div>\n<p>\n        Bitcoin<br \/>\n      and other cryptocurrencies fell on Friday, following stocks lower amid rising expectations of interest-rate hikes from the Federal Reserve. A cool U.S. jobs report did little to change the narrative.<\/p>\n<p>The price of Bitcoin has dropped 1% over the past 24 hours to $30,250, paring losses<strong>\u00a0<\/strong>slightly from $30,100 but still 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.<\/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 was poised 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<strong>\u00a0<\/strong>with higher interest rates.\u00a0Rising 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.<\/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>\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 Hasegawa said, ahead of the release of the jobs report.<\/p>\n<p>Indeed, that seems to be the case. The U.S. economy added 209,000 jobs in June, surpassing some forecasts but well short of the gain of 306,000 jobs in May. But the signs of slowing did little to assuage the recent rate-hike fears, with stocks opening lower and markets still pricing in the near-certainty of a July increase in rates. Bitcoin remains rangebound.<\/p>\n<p>Beyond Bitcoin,<br \/>\n        Ether<br \/>\n      \u2014the second-largest crypto\u2014sank 2% to $1,870. Smaller tokens, or altcoins, also were weaker, with<br \/>\n        Cardano<br \/>\n       and<br \/>\n        Polygon<br \/>\n       sliding 1%. It was more of the same in memecoins, with<br \/>\n        Dogecoin<br \/>\n      down 1% and<br \/>\n        Shiba Inu<br \/>\n       shedding 2%.<\/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-price-crypto-markets-today-322a5868?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin and other cryptocurrencies fell on Friday, following stocks lower amid rising expectations of interest-rate hikes from the Federal Reserve. A cool U.S. jobs report did little to change the narrative. The price of Bitcoin has dropped 1% over the past 24 hours to $30,250, paring losses\u00a0slightly from $30,100 but still vulnerable to a slide [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-32931","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Price Falls on Fears of Higher Rates. A Cool Jobs Report Isn&#039;t Helping. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Bitcoin and other cryptocurrencies fell on Friday, following stocks lower amid rising expectations of interest-rate hikes from the Federal Reserve. 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