Bitcoin's Volatile Week Ends with Slump Due to Strong Jobs Report

The past week was marked by significant volatility in the cryptocurrency markets, particularly for Bitcoin. Despite briefly surging past $81,000 on a couple of occasions, BTC was halted and driven south to just under $80,000.

However, the asset rebounded swiftly and broke out of its $79,000 barrier, surging past $80,000 and even reaching $82,400 for the first time since mid-May. Although it was stopped there, BTC remained above $81,000 until earlier today, when a stronger-than-expected US jobs report came out.

The jobs report led to an immediate slump in BTC by two grand, as the general assumption is that the Fed will be more inclined to raise interest rates at the end of the month. This development was a stark contrast to the company's strategy, which had resumed buying Bitcoin after a 2-month hiatus.

The company sold low and bought high, accumulating 4,603 BTC for $370 million. Meanwhile, other altcoins such as ZEC gained 20%, surpassing $1,000 earlier today, while XMR is up by 10%.