Bitcoin Tumbles Below $80,000 on Strong Jobs Data, Ethereum and XRP Follow

Bitcoin's price plummeted below $80,000 after the release of August jobs data showed stronger-than-expected growth, increasing the likelihood of a Federal Reserve rate hike.

The sudden drop saw Bitcoin fall by over $1,600 in just three minutes to its current trading price of $79,763.95, representing a 1.4% decline over the past 24 hours.

Ethereum and XRP also suffered losses, with Ethereum now at $2,461.41 and XRP at $1.41, both experiencing negative returns.

However, not all cryptocurrencies were affected negatively, as Zcash saw a notable gain of 13% in the same period.