Bitcoin Falls as Jobs Report Is Harsh Reminder of Crypto’s Link to Stocks
Bitcoin
and other cryptocurrencies were falling Friday, weakening after a stronger-than-expected U.S. jobs report for November sent both stocks and digital assets lower. It’s a tough reminder of the correlation between equities and cryptos.
The price of Bitcoin has shed 1% over the past 24 hours, dropping below the key $17,000 early Friday and moving to $16,900 after data showed the U.S. added 263,000 jobs in November, far higher than the 200,000 expected by economists. The hot print raised fears among investors that inflationary pressures, which have spurred the Federal Reserve to aggressively tighten financial conditions in a body-blow to risk-sensitive assets, may remain salient.
