Bitcoin Drops After Jobs Report

Bitcoin dropped on Friday following the release of a good September jobs data in the United States.

Bitcoin sold at $27,435, down 1% in the last 24 hours.

The largest cryptocurrency was taken up in a risk-asset selloff as markets priced in higher-for-longer interest rates after the US economy added more jobs than predicted in September.

Bitcoin had been escaping a stock-market selloff prompted by increasing bond rates.

“Bitcoin’s properties make it quite appealing as an alternative flight to safety play, particularly when compared to other cryptocurrencies that are thought to be more correlated to risk sentiment,” said Joel Kruger, market strategist at LMAX Group.

The most recent figures, however, appear to have knocked the wind out of the cryptocurrency’s sails. This might put a halt to breakthrough ambitions.

“[Bitcoin] continues to face resistance at $28,000… “After nearly two months of trading below here and multiple failures to break higher,” Craig Erlam, senior analyst at Oanda, said.

Other cryptocurrencies, except than Bitcoin, were mixed. Ether, the second-largest cryptocurrency, fell 0.5% to $1,624. Smaller cryptos, or altcoin