Crypto Price Today: Bitcoin drops below $93,400 on concerns over fewer Fed rate cuts
Bitcoin (BTC), the world’s largest cryptocurrency, and other crypto tokens fell on Monday after a stronger-than-expected U.S. jobs report dampened hopes for early interest rate cuts by the Federal Reserve.
Friday's data revealed that U.S. job growth accelerated in December, pushing 10-year Treasury yields to 14-month highs. This raised the likelihood of fewer rate cuts in 2025, making emerging markets like India less attractive for investment.
The U.S. added 256,000 jobs in December, surpassing the expected 165,000, leading to revised expectations of just one rate cut in 2025.
At 11:00 am IST, Bitcoin was trading at $93,296, down 1.1%, while Ethereum slipped 1.3% to $3,186.
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View Details»«Markets have been on a slight downturn ever since stronger than expected economic data is suggesting that the Fed might pause rate cuts in 2025,» said CoinSwitch Markets Desk.
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