Bitcoin drops below $94,000 amid stronger Dollar and ahead of US jobs reading
Bitcoin (BTC), the world’s largest cryptocurrency, fell below the $94,000 mark in early Friday trading, weighed down by rising bond yields and expectations for a strong US jobs report.
During Asian trading hours, the dollar gained 0.5% against the yen, reaching 158.03 yen, and strengthened by over 1% against the British pound, which sank to a 14-month low amid a sell-off in gilts and concerns about the UK’s financial stability.
Meanwhile, the dollar index is set for a sixth consecutive weekly gain, its longest run since an 11-week streak in 2023 as the U.S. economy continues to seem strong in contrast with weaknesses elsewhere. The index was steady in early Friday trading, up 0.25% for the week at 109.18.
The stronger dollar tends to put downward pressure on cryptocurrencies, as it makes digital assets more expensive for foreign investors and can lead to reduced demand.
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View Details»At 11:00 am IST, Bitcoin was trading at $93,698, down 0.63%, with an intraday low of $91,220.
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