Strong Jobs Data Sends Bitcoin Price Down 2.2%

Bitcoin's price has been affected by the strong jobs data released in the US. The data led to traders increasing their expectations for a Federal Reserve rate hike later this month, which strengthened the dollar and weighed on risk assets.

The world's largest cryptocurrency was down 2.2% to $79,802.0 by 17:33 ET (21:33 GMT), after earlier this week soaring to $82,178.6, its highest level since mid-May.

However, the strong jobs data also had a positive effect on Bitcoin's price, as it was headed for a 3% weekly gain. This is despite the dollar and interest rates being factors that negatively impact cryptocurrency prices.