Bitcoin, ether slip as unexpectedly strong US jobs report signals continued rate hikes

Quick Take

  • Bitcoin and ether were down more than 2% over the previous 24 hours at about 9:40 a.m. EST, with the former trading at $23,393 and the latter around $1,641. 

Cryptocurrencies and traditional markets slid as the U.S. jobs report numbers more than doubled estimates. 

Bitcoin and ether were down more than 2% over the previous 24 hours at about 9:40 a.m. EST, with the former trading at $23,393 and the latter around $1,641. 

RELATED INDICES

BTCUSD chart by TradingView

Nonfarm payrolls in January grew by 517,000, more than twice the 185,000 estimate, signaling that the Federal Reserve is likely to continue hiking interest rates as it attempts to stave off inflation.

Crypto-related companies fell across the board, with Coinbase down 5% and Silvergate lower by 8.8%.


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About Author

Christiana is a long-time journalist who has written about markets in the Americas, politicians who stashed cash in their underwear and high-end heels, to name just a few. She previously spent six years at Bloomberg, and her work has appeared in the WSJ, LA Times, Insider, Vogue Business and more. Christiana has a bachelor's degree in English from Pace University and a master's degree in journalism from New York University. She completed a master's degree in media psychology for fun.

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