Bitcoin Tumbles Below $80K as US Jobs Report Brings Volatility
Bitcoin's price plummeted following the release of the US jobs report on Friday, dropping from an all-time high of $82,400 to under $79,000. The cryptocurrency had reached its highest price in three and a half months, but was quickly rejected after the stronger-than-expected report. It rebounded slightly to $79,600, with its market cap hovering around $1.6 trillion.
Meanwhile, smaller-cap altcoins are experiencing significant gains, with PONS surging 30% to a new all-time high of almost $0.90. DASH is also performing well, skyrocketing by 25% to over $65. In contrast, larger-cap alts such as ETH and XRP have declined.
It's worth noting that the military actions in the Middle East had previously brought down Bitcoin's price to $77,000 on Monday morning. The asset has since bounced back, but the latest drop may be a sign of increased volatility in the market.