Cloud Hosting

Bitcoin fell Friday after the release of a strong U.S. jobs report for September.

Bitcoin stood at $27,435, down 1% over the last 24 hours.

The largest cryptocurrency was swept up in a risk-asset selloff as markets moved to price in higher-for-longer interest rates after the U.S. economy created more jobs than expected in September.

Bitcoin fell Friday after the release of a strong U.S. jobs report for September.

Bitcoin stood at $27,435, down 1% over the last 24 hours.

The largest cryptocurrency was swept up in a risk-asset selloff as markets moved to price in higher-for-longer interest rates after the U.S. economy created more jobs than expected in September.

Bitcoinhad been holding up in the face of a stock-market selloff caused by rising bond yields.

Bitcoins properties make it quite attractive as an alternative flight to safety play, especially against other cryptocurrencies viewed to be more correlated to risk sentiment, said Joel Kruger, market strategist at LMAX Group.

Advertisement - Scroll to Continue

However, the latest data look to have taken the wind out of the cryptocurrencys sails. That could delay hopes of a breakout.

[Bitcoin] continues to see resistance around $28,000 after almost two months of trading below here and multiple failures to break higher, said Craig Erlam, senior analyst at Oanda.

Beyond Bitcoin, other cryptocurrencies were mixed. Ether the second-largest cryptowas down 0.5% to $1,624. Smaller cryptos, or altcoins, were mixed with Cardano rising 0.7% and Solana down 1.6%. Dogecoin rose 0.3%.

Advertisement - Scroll to Continue

Write to Adam Clark at adam.clark@barrons.com

Read more:
Bitcoin Drops After Jobs Report. Watch This Resistance Level. - Barron's