The unemployment report has mixed effects for the Fed
After a strong unemployment report gave the Federal Reserve conflicting findings as it considered its interest rate policy, bitcoin was headed lower over the weekend.
On Sunday, the largest cryptocurrency dropped below $20,000 for the ninth day in a row.
Bitcoin fell 0.8% to $19,591 on Sunday
On Sunday, the price of one bitcoin dropped by 0.8% to $19,591. As of this morning in New York, it had barely changed.
“The Fed is working hard to rebuild trust in the US dollar by quantitatively tightening monetary policy. According to a report from Gavekal Research, this is a sizable headwind for all cryptocurrencies.
As the Fed raises interest rates amid persistent inflation and the crises that have occurred in the TerraUSD ecosystem and hedge fund Three Arrows Capital are depressing investor sentiment, bitcoin is currently moving roughly in the same manner as other risky assets like the Nasdaq 100.