Bitcoin
Bitcoin Falls Below $70K After US Jobs Data, ECB Rate Cut
The price of Bitcoin fell below $70,000 million on Friday as a result of a mixed US jobs report and a rate cut by the European Central Bank (ECB).
The US Bureau of Labor Statistics has released a double-edged economic scenario, with a surge in job creation coupled with a rise in unemployment rates to 4%, which has led to a drop in the value of Bitcoin.
Job growth indicated strength, but rising unemployment and consistent weekly hours worked suggested deeper economic issues.
Despite a 0.4% increase in average hourly earnings in May and a 4.1% year-on-year increase, the pace of aggregate weekly private sector payroll growth slowed compared to the previous year.
Bitcoin traded at $69,159 at 4:30 p.m. ET, according to CoinGecko.
The ECB’s decision to lower its benchmark lending rate from 4% to 3.75%, the first reduction in five years, should potentially increase the liquidity and appeal of alternative assets like Bitcoin.
This decision, along with positive institutional inflows into US spot Bitcoin ETFs, which saw over $1.54 billion in net inflows this week, could affect Bitcoin’s near-term trajectory.