Bitcoin Drops After Latest Job Numbers Surpass Estimates

Bitcoin Drops

Bitcoin has dropped 1.7% in the past day to $29,500 after the US government report showed that the rate of job increase slowed in May but was ahead of estimates.

The reduction in job growth is reportedly an indication that the Federal Reserve’s step to cool the economy could be having an effect.

The cryptocurrency market has been observing the Fed’s steps citing the US central bank’s over $4 trillion of money-printing in recent years. The institution aims to tame inflation as the value of bitcoin and stocks comes under selling pressure.

The European indexes and the US stock futures were reportedly lower on Friday, with Gold down 0.5% to $1,860 per ounce.

Many miners are reportedly selling their holdings to fund their operating costs. Riot Blockchain sold over half the bitcoin it mined in May.

Source: Coindesk

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