Rate Cut Hopes Dashed? Crypto Market Reels After U.S. Jobs Surprise
Rate Cut Hopes Dashed? Crypto Market Reels After U.S. Jobs Surprise
Bitcoin (BTC) and the broader cryptocurrency market turned sharply lower after data showed the U.S. labor market remains far stronger than expected, dampening hopes for an early rate cut. As Wall Street closed mixed amid strong employment data and concerns over elevated valuations, investor sentiment toward risk assets cooled rapidly.
As of 7:36 a.m. KST on the 12th, according to CoinMarketCap, Bitcoin was trading at $67,410, down 1.96% over the past 24 hours and 7.70% over the past week. During intraday trading, heavy selling pressure briefly pushed Bitcoin close to the $67,000 level.
Altcoins saw steeper losses. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, fell 2.97%, breaking below the key psychological support level of $2,000 to trade at $1,956. Solana (SOL) dropped 3.47%, slipping under the $80 mark to $79.80. XRP and Dogecoin (DOGE) also declined 1.62% and 1.43%, respectively, reflecting broad-based weakness across the market. The Crypto Fear & Greed Index remained unchanged at 9, indicating that investor sentiment continues to hover in the “Extreme Fear” zone.
The downturn followed the release of January U.S. nonfarm payroll data overnight, which significantly exceeded market expectations. According to the U.S. Department of Labor, nonfarm payrolls increased by 130,000 in January, nearly double the consensus estimate of 70,000. The unemployment rate fell 0.1 percentage point from the previous month to 4.3%. While a strong labor market raises the likelihood of a soft landing for the U.S. economy, it also weakens the Federal Reserve’s justification for cutting interest rates quickly.
According to the CME FedWatch Tool, the probability of a rate hold in March surged to 93.0% from 79.9% the previous day immediately after the release of the jobs data. As concerns spread that higher interest rates may persist longer than expected, the rate-sensitive Nasdaq index fell 0.16%, while major tech stocks such as Microsoft and Alphabet declined more than 2%, adding downward pressure to the crypto market.
Experts predict that the market will remain highly sensitive to macroeconomic indicators in the near term, leading to heightened volatility. Although robust employment data alleviates fears of a recession, disappointment over a delayed rate-cut timeline—key to liquidity expansion—may continue to cap upside momentum. If Bitcoin fails to hold the $67,000 support level, additional corrections could follow, warranting caution from investors.
Disclaimer: This article is for investment reference only and we are not responsible for any investment losses arising from it. The content should be interpreted solely for informational purposes.
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