Bitcoin was headed for its best week in a month, but that momentum was quickly erased on Friday. Since Wednesday, the largest cryptocurrency has fallen nearly 7% to its current price of around $69,000, according to Binance. The drop came after an unexpected lower jobs report, spooking investors in traditional stock markets and digital assets.
“The number of jobs affected all risk assets,” said Boris Allergant, head of strategic initiatives at Babylon. “During a sale like this, the connections are consolidated and the assets are going down in unison.”
The pullback for Bitcoin is part of a months-long slide for the crypto industry. Many expected the industry to grow because of President Donald Trump’s friendly stance toward the sector. Still, since October, the native cryptocurrency is down nearly 46% from its all-time high of $126,000.
Friday’s jobs report did the crypto industry no favors. Unemployment rose and jobs fell more than expected. Other macroeconomic factors weigh heavily on digital assets, such as the escalating conflict in the Middle East, which President Trump recently called a “time limit.” The dispute has sent gas prices skyrocketing, raising concerns among investors.
The major stock indexes mirrored Bitcoin, rising mid-week only to sputter on Friday morning. The S&P 500, for example, fell about 2% after a brief rise on Wednesday after the release of the latest jobs numbers.
Other cryptocurrencies also fell as the week ended. Ethereum has fallen nearly 5% to its current price of around $1,970 since Thursday, and Solana has fallen about 5% to its current price of around $85 during that time, according to Binance.
One analyst says things will get worse before they get better. “If the week closes as close as the market looks now, it won’t be a very positive signal,” said B2Prime chief strategy officer Alex Sipaev. “In this case, the price could go lower, and by lower I mean a possible review of the $60,000 range per Bitcoin.”
This story was originally featured on Fortune.com
