Cryptocurrencies dropped in line with equities, while U.S. Treasury yields rose after U.S. jobs data for November beat expectations.
Non-farm payrolls for the month came in above estimates at 263,000. Economists had predicted 200,000 new jobs.
Bitcoin experienced a sharp sell-off following the news, falling below $17,000 by 9:45 a.m. to $16,918, according to TradingView.
Ether was flat over the past 24 hours, trading around $1,284.
Other cryptocurrencies were pressed following the news: Binance’s BNB fell 4.4%, Ripples XRP dropped 3% and Cardano fell 1%. Dogecoin and shiba inu were both down over the past day, dropping by 5.6% and 0.8%, respectively.
The DXY — which measures the U.S. dollar versus a basket of other currencies — jumped around 0.42%, to 106.060. Bitcoin’s price in dollars tends to move lower when the dollar strengthens.
Crypto stocks and structured products
The Nasdaq 100 fell around 1.5% following the better-than-expected jobs figures, while the S&P 500 dropped 1.1%.
Coinbase shares opened down, dropping almost 3% by 9:45 a.m. EST, according to Nasdaq data.
Silvergate, which fell 8% on Thursday, saw shares down 1.2%.
Block fell almost 3%, while MicroStrategy dipped a little over 1%.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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