U.S. employment data unexpectedly strong, Bitcoin still drops to 67K
U.S. employment data unexpectedly surged, putting pressure on U.S. Treasuries and reducing traders’ bets on a rate cut by the Federal Reserve this year. U.S. stocks closed slightly lower. The crypto market continued to consolidate downward, with total market capitalization dropping 2.08% to $2.3 trillion. The Fear and Greed Index remains in the extreme fear zone at 9. Bitcoin (BTC) briefly fell to $65K yesterday but rebounded above $67K before press time. Ethereum (ETH) broke below the $2,000 level. Overall, confidence in the crypto market remains weak.
Strong Non-Farm Payrolls Reduce Expectations for Rate Cuts
The latest U.S. monthly employment report showed 130,000 new jobs added in January, double the median forecast, marking the largest increase in over a year. The unemployment rate unexpectedly declined, indicating the labor market continues to stabilize. This report highlights robust economic momentum, suggesting that immediate monetary easing may not be necessary.
Currently, the strong performance of the U.S. economy offsets the need to lower borrowing costs, supporting recent risk sentiment that was heavily impacted by AI concerns. The next key market milestone is the U.S. inflation report due on Friday. If price pressures fail to ease, the report could further reinforce the case for maintaining high interest rates.
Crypto Market Continues to Consolidate, Confidence Remains Weak
The crypto market continues to consolidate downward, with total market cap down 2.08% to $2.3 trillion. The Fear and Greed Index remains in the extreme fear zone at 9. According to Coinglass data, 24-hour liquidations across the network totaled $467 million, with long and short liquidations roughly in a 2:1 ratio.
Bitcoin briefly dropped to $65K yesterday but recovered above $67K before press time. Ethereum fell below the $2,000 mark. Overall, confidence in the crypto market remains fragile.
This article, “U.S. employment data unexpectedly strong, Bitcoin still drops to $67K,” first appeared on Chain News ABMedia.
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