Bitcoin slid below $70K following a strong May U.S jobs report that could complicate Fed rate cut expectations...
dropped below $71k on Friday, in the early hours of New York’s trading session, following a hotter-than-expected May U.S jobs report. In fact, within 24 hours of the same, the cryptocurrency also dropped below $70k on the charts.272k jobs were added in May, well above the expected 190k. However, unemployment rates hit 4% against the expected 3.9%.
A weaker one could increase the odds of rate cuts, but a stronger one, like May’s report, could tip the Fed to be hawkish.stated“Bitcoin drops $1000 in a matter of minutes because too many people have jobs. LOL. We live in the upside down. Strong jobs mean less chance of cuts, which means assets go down as a knee-jerk reaction.”All eyes will now shift to the Fed’s announcement next Wednesday .
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