Bitcoin fell Friday after the release of a strong U.S. jobs report for September.
Bitcoin
stood at $27,435, down 1% over the last 24 hours.
The largest cryptocurrency was swept up in a risk-asset selloff as markets moved to price in higher-for-longer interest rates after the U.S. economy created more jobs than expected in September.
Bitcoin had been holding up in the face of a stock-market selloff caused by rising bond yields.
“Bitcoin’s properties make it quite attractive as an alternative flight to safety play, especially against other cryptocurrencies viewed to be more correlated to risk sentiment,” said Joel Kruger, market strategist at LMAX Group.
However, the latest data look to have taken the wind out of the cryptocurrency’s sails. That could delay hopes of a breakout.
“[Bitcoin] continues to see resistance around $28,000… after almost two months of trading below here and multiple failures to break higher,” said Craig Erlam, senior analyst at Oanda.
Beyond Bitcoin, other cryptocurrencies were mixed.
Ether
—the second-largest crypto—was down 0.5% to $1,624. Smaller cryptos, or altcoins, were mixed with
Cardano
rising 0.7% and
Solana
down 1.6%.
Dogecoin
rose 0.3%.
Write to Adam Clark at [email protected]
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