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Bitcoin price dropped below US$70,000 on Friday due to a combination of factors, including a mixed U.S. jobs report and a rate cut by the European Central Bank (ECB). The US Bureau of Labor Statistics reported an increase in job creation alongside a rise in unemployment rates to 4%, leading to a decrease in Bitcoin’s value. Despite some positive economic indicators, such as a rise in average hourly earnings, the pace of aggregate weekly payroll growth in the private sector decelerated compared to the previous year. At 4:30 p.m. ET, Bitcoin was trading at US$$69,159 according to CoinGecko. The ECB’s decision to lower its benchmark lending rate from 4% to 3.75%, the first reduction in five years, is expected to potentially boost liquidity and the appeal of alternative assets such as Bitcoin. Additionally, positive institutional inflows into US spot Bitcoin ETFs, which recorded over US$1.54 billion in net inflows this week, may also impact Bitcoin’s short-term trajectory.
