Bitcoin falls below US$70,000 after US jobs data and ECB rate cut

Bitcoin price fell below US$70,000 on Friday million as a result of a mixed U.S. jobs report and a rate cut by the European Central Bank (ECB).

The US Bureau of Labor Statistics disclosed a dual-edged economic scenario with an increase in job creation alongside a rise in unemployment rates to 4%, which led to a drop in Bitcoin’s value.

Job growth indicated strength but the uptick in unemployment and consistent weekly hours worked hinted at deeper economic issues.

Despite a 0.4% rise in average hourly earnings in May and a 4.1% year-over-year increase, the pace of aggregate weekly payroll growth in the private sector decelerated compared to the previous year.

Bitcoin traded at US$$69,159 at 4:30 p.m. ET, according to CoinGecko.

The ECB’s move to lower its benchmark lending rate from 4% to 3.75%, the first reduction in five years, is set to potentially boost liquidity and the appeal of alternative assets such as Bitcoin.

This decision, along with the positive institutional inflows into US spot Bitcoin ETFs, which recorded over US$1.54 billion in net inflows this week, may affect Bitcoin’s short-term trajectory.