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Bitcoin drops to $23,250 on significantly higher-than-expected US payroll data
The leading cryptocurrency fell to $23,250 in response to strong labor market data.
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Cover art/illustration via CryptoSlate. Image includes combined content which may include the use of AI tools.
The U.S. Bureau of Labor Statistics (BLS) released nonfarm payroll data showing 517,000 jobs were added in January, marking a significantly higher-than-expected increase.
Economists had forecast 185,000 nonfarm jobs to be added for the month, fewer than December's actual 223,000 jobs added.
As an initial response, Bitcoin recorded a 1.1% swing to the downside, bottoming at $23,250 on the 13:30 (UTC) 5-minute candle.
Market Cap $1.63T
24H Volume $43.76B
