Bitcoin drops to lowest level since November

Bitcoin slid to its lowest level since late November, falling 3.3% to $91.1K on Monday.

The drop follows a broader market downturn triggered by a hotter-than-expected U.S. jobs report on Friday.

The latest jobs report, that landed on Friday, came in hotter than expected and further supported a case for fewer Federal Reserve interest rate cuts.

The U.S. Bureau of Labor Statistics reported 256K nonfarm payroll additions to the economy in December 2024, easily outstripping the consensus of +157K. Meanwhile, the unemployment rate ticked down to 4.1%, coming in lower than the expected figure of 4.2%

The blowout report also prompted Goldman Sachs to predict only two more interest rate cuts this year. Bank of America went one step further and said it sees no more rate cuts at all, adding that there appeared to be greater risks toward policymakers now raising rates.

So far into the new year, Bitcoin seemed to take a breather, and has only hit the $100K mark twice.

News.Az