Bitcoin experienced a sharp decline on Friday as investors reacted to a surprisingly robust U.S. jobs report, which significantly dampened expectations for an upcoming interest rate cut by the Federal Reserve. The cryptocurrency fell as much as 3% shortly after the Department of Labor reported that nonfarm payrolls increased by 272,000 in May, far exceeding the 185,000 jobs predicted by economists. This stronger-than-expected employment data, coupled with rising average hourly earnings, suggests that the U.S. economy remains heated, potentially keeping inflation above the Fed’s target for longer. Consequently, traders have scaled back their bets on a September rate cut, leading to a surge in U.S. Treasury yields and a stronger dollar. As the prospect of ‘higher-for-longer’ interest rates resurfaced, high-risk assets like Bitcoin saw immediate capital outflows, reflecting the market’s heightened sensitivity to macroeconomic indicators.
Source: Bitcoin Slides as Fed Rate Cut Doubts Follow Strong Jobs Report
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