Bitcoin dropped from above $70,000 to about $68,700 on Friday on disappointing US labour market data.
Nonfarm payrolls fell by 92,000 in February, markedly undershooting economists’ expectations for roughly 50,000 new jobs, according to the Bureau of Labor Statistics.
The decline erased much of January’s 126,000 job gain and pushed the unemployment rate up to 4.4%.
Job losses were broad-based, including reductions in healthcare employment due to strike activity, as well as declines in the technology sector and continued cuts in federal government jobs.
The weak report reinforces concerns about the health of the labor market after a slow 2025 marked by average monthly job gains of just 15,000.
Financial markets reacted to the disappointing figures with a shift toward safer assets.
US Treasury yields fell sharply, while investors increased expectations that the Federal Reserve may need to lower interest rates if economic weakness continues.
The US dollar slipped about 0.3% against the euro, and S&P 500 futures dropped more than 1%.
Despite the weak data, economists said the Fed is unlikely to cut rates immediately, noting that policymakers remain cautious amid persistent inflation risks and rising oil prices linked to geopolitical tensions.
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