Bitcoin temporarily drops below $112,000… Steeper decline triggered by US employment slowdown
YM Lee
Summary
- It was reported that Bitcoin temporarily fell below the $112,000 threshold.
- It was stated that the slowdown in the US employment market was identified as the main factor behind the crypto asset market's decline.
- In July, US nonfarm payrolls fell short of market expectations, and the unemployment rate increased to 4.2%, raising concerns about a recession.
Bitcoin (BTC) temporarily fell below the $112,000 mark.
On the 3rd (local time), Bitcoin was trading at $111,920 on the global crypto asset exchange Binance, down 1.56% from the previous day.
The primary reason cited for the decline in the crypto asset market is the slowdown in the US labor market, announced on the 1st. According to the US Department of Labor's employment report, nonfarm payrolls in July increased by 73,000, which is much lower than the market expectation of an increase of 110,000. The unemployment rate also rose by 0.1% from the previous month to 4.2%, heightening concerns about a potential recession.
YM Lee
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