Bitcoin fell below $79,000 on Tuesday as employment data boosted inflation concerns.
Cryptocurrency prices dropped as new U.S. labor figures intensified expectations for tighter Federal Reserve policy alongside rising geopolitical and energy costs.
Bitcoin traded at $78,339 on Tuesday, crossing below the $79,000 threshold amid strong U.S. employment statistics that reinforced hopes for restrictive monetary action. Escalating tensions between the United States and Iran and higher oil prices further amplified inflation worries just before weekly U.S. data release. In 24 hours, Bitcoin declined 1.43% to $78,339 while Ethereum dropped 0.70% to $2,479. Major altcoins like BNB and Tron rose, but XRP, Solana, Hyperliquid, Dogecoin, and Cardano fell up to 2.99%. The global cryptocurrency market cap contracted 0.99% to $2.67 trillion. Despite the price decline, Riya Sehgal, a research analyst at Delta Exchange, noted institutional inflows remained supportive. U.S. spot Bitcoin ETFs drew nearly $987 million last week and Ether ETFs added roughly $218 million. The Crypto Fear and Greed Index sits at 71, indicating greedy market sentiment, while short-term whale unrealized profits reached a record $9.07 billion since 2016.
