Bitcoin sinks below $69,000 as US job market unexpectedly shed 92,000 jobs in February

Bitcoin prices declined to approximately $68,700 on Friday following the release of disappointing US labor market data. The Bureau of Labor Statistics reported that nonfarm payrolls fell by 92,000 in February, significantly missing economists' forecasts of 50,000 new jobs. This decline reversed much of January's job growth and caused the unemployment rate to rise to 4.4%. Job losses were widespread, affecting healthcare (due to strikes), technology, and federal government sectors. The weak report heightened concerns about the labor market's health, leading financial markets to shift toward safer assets: US Treasury yields dropped sharply, the US dollar slipped against the euro, and S&P 500 futures fell. While the data suggests economic weakness, economists believe the Federal Reserve is unlikely to cut interest rates immediately due to ongoing inflation risks and geopolitical tensions affecting oil prices.

(Source：Crypto Briefing)