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%.
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Source: https://www.theblock.co/post/191703/bitcoin-ether-crypto-stocks-plummet-following-bumper-u-s-jobs-figures?utm_source=rss&utm_medium=rss