Crypto assets (virtual currency) Bitcoin fell in the trading on the 7th of US time. September’s employment statistics released on the same day showed a faster-than-expected increase in employment, and the unemployment rate fell. The outlook for aggressive interest rate hikes, which have pushed down risk asset prices, has strengthened.
U.S. employment rises by 263,000, unemployment rate falls unexpectedly; pressure continues on Fed
Bitcoin temporarily dropped 3.6% to about $19,333, marking the first intraday decline in a week. Ether fell 3.4% at one point, while Solana and Avalanche also fell.
“I think we have to respect the downtrend and assume the bear market cycle remains dominant,” said Katie Stockton, founder of research firm Fairlead Strategies.
news-rsf-original-reference paywall">Original title:Bitcoin Slumps as Jobs Data Keeps Crypto in ‘Bear-Market Cycle’(excerpt)