A surge in cryptocurrencies faced a quick downturn during the late morning in the U.S., as traders likely opted to cash in on profits following a significant rally over the prior weeks.
Bitcoin (BTC) touched a peak of $71,400 but swiftly retreated to around $69,000, marking a decrease of nearly 1.3% in the past 24 hours. Ether (ETH) declined by 0.3%, and Solana (SOL) experienced a drop nearing 2%.
Earlier on Friday, the government disclosed a significant slowdown in the U.S. job market, reporting only 12,000 jobs created in October—the weakest growth since late 2020. However, this figure might face adjustments in November or be revised upward, as the Bureau of Labor Statistics evaluates the impact of flooding in the Southeast on the data. Additionally, the ISM revealed a 16-month low for its Manufacturing PMI survey, dropping to 46.5 compared to the 47.6 anticipated by economists.
The bond market appears unconvinced by the reported downturn, as the 10-year U.S. Treasury yield has risen six basis points to 4.38%, marking its highest point in four months.
In regard to U.S. stocks, they’ve retreated from earlier peaks but still show strength during the session, with the Nasdaq rising by 0.7% at close and the S&P 500 up 0.4%. Amazon (AMZN) is leading the charge, advancing 6.1% after the company posted robust quarterly results on Thursday evening.
While the price movements in the cryptocurrency market have been lackluster as the week wraps up, it has nonetheless been a solid month for the sector—bitcoin, for example, remains up nearly 15% over the past thirty days.
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