Unexpectedly strong labour market data has sparked a bearish response in crypto markets, with Bitcoin (CRYPTO: BTC) teetering around the $94,000 mark.
What Happened: Data published on Friday shows the U.S. added 256,000 parolls in December, sending bond yields soaring and knocking Bitcoin off its morning recovery.
The apex crypto had recovered from $92,000 to $95,000 overnight, but quickly lost over $2,000 in reaction to the stronger-than-anticipated data.
Crypto trader Jelle highlighted the abrupt shift in market sentiment, pointing out that the jobs data managed to reverse the price momentum with the words “stairs up, elevator down.”
Full story available on Benzinga.com