The latest US job market data has sent shockwaves through the cryptocurrency market, causing a decline in market capitalization. The strong jobs numbers released on Friday have increased the likelihood of interest rates remaining higher for longer, making cryptocurrencies less attractive to investors.
The unemployment rate remains steady at 4.3 percent, matching expectations. However, this stability has not translated into a positive sentiment shift in the cryptocurrency market. Instead, the robust job growth has weighed heavily on the market, causing a decline in market capitalization.
Cryptocurrency market capitalization has decreased by less than 1 percent in the past 24 hours, reaching $2.65 trillion. The 24-hour trading volume has also declined by 24 percent to $101 billion. Bitcoin (BTC) is currently trading at $79,997.46, down 0.76 percent from yesterday's price.