Bitcoin Plunges Below $80K Amid Rising Interest Rate Hopes
Bitcoin dropped below $80,000 on Friday after a stronger-than-expected US jobs report. The leading cryptocurrency was trading near $79,764, down from its intraday low of $78,706 and over 1% in the last 24 hours.
The report showed that the US job market accelerated in August, which typically leads to higher interest rates when the Federal Reserve meets on September 15-16. This has increased short-term crypto market risk and could put pressure on adoption and price momentum.
Federal Reserve Chair Kevin Warsh recently stated he had 'more work to do' to fight inflation, but US President Donald Trump demanded that the Fed slash interest rates, saying 'Lower the interest rates because the U.S.A. is a much stronger credit than it was just a short time ago!'