Bitcoin Drops as Strong Jobs Data Seen Keeping Fed on Rate-Hike Path

After the monthly US jobs data revealed that payrolls increased faster than anticipated and the unemployment rate decreased,

expectations that the Federal Reserve will maintain the hawkish rate hikes that have depressed risk assets increased.

As a result, bitcoin plummeted.

The biggest intraday decline in a week occurred on Friday as Bitcoin, the largest digital asset by market value, fell as high as 3.6%.

 The token's price dropped to $19,333. Other so-called altcoins like Solana and Avalanche also fell, and Ether's decline reached 3.4%.

According to Katie Stockton, CEO of Fairlead Strategies LLC, "I think we need to respect the down trend and presume that the bear-market cycle is still dominant."


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