The crypto market turned slightly red on Friday, with Bitcoin heading south of the $20,000 mark again as analysts eye further rate hikes.

Bitcoin Dips as Strong US Jobs Report Signals More Fed Rate Hikes

Historically, October has been a month of positive price movements for Bitcoin (BTC), even leading to a popular “Uptober” meme.

However, as the first full week of the month comes to an end, BTC has dropped from $20,146 to as low as $19,550 on Friday, marking a 3% loss over the past day. Since then, the leading cryptocurrency has recovered some and is now changing hands at $19,648, according to CoinGecko.

Several major coins, including Solana (SOL), Dogecoin (DOGE), Avalanche (AVAX), and Litecoin (LTC) posted losses between 3% and 4% as well, as the market capitalization of the entire crypto market fell below the $1 trillion mark.

Among the ten largest cryptocurrencies, the least affected are XRP and Cardano (ADA), which are down 0.6% and 0.8%, respectively.

Ethereum (ETH), the second-largest cryptocurrency by market cap, is down 1.2% over the day, trading at $1,331, per CoinGecko.

'Nail in the coffin' for more rate hikes

The fresh reversal comes on the heels of the U.S. Labor Department's September job report, which showed the American economy added another 263,000 new jobs, with the unemployment rate ticking down 0.2 percentage points to 3.5%.

Though job growth slowed compared to the 315,000 increase in August, showing the lowest monthly increase since April 2021, the U.S. economy is still strong.

This strength likely increases the odds of more aggressive monetary policy tightening ahead of the Fed’s next meeting in November.

U.S. Treasury yields jumped following the data release, as opposed to stocks that opened lower on Friday.

“This puts the nail in the coffin for another 75 [basis point rate increase] in November,” Jeffrey Roach, chief economist at LPL Financial, told CNBC.

Stay on top of crypto news, get daily updates in your inbox.

NEWS RELATED

Is 'Wednesday' creepy, kooky, mysterious or ooky enough?

Jenna Ortega as Wednesday Addams in Wednesday. NETFLIX hide caption toggle caption NETFLIX The Netflix series Wednesday breaks the beloved Addams Family character Wednesday Addams (Jenna Ortega) out of her home environment and into the gloomy, gothy Nevermore Academy. It’s the alma mater of parents Gomez (Luis Guzmán) and ...

View more: Is 'Wednesday' creepy, kooky, mysterious or ooky enough?

Rams takeaways: Bryce Perkins, young receivers make best of chances against Chiefs

KANSAS CITY —  The Kansas City Chiefs defeated the Rams, 26-10, on Sunday at Arrowhead Stadium. What we learned from a loss that dropped the Rams record to 3-8: Receiver Allen Robinson is out for the season: Robinson did not play because of a foot injury that will require surgery, coach ...

View more: Rams takeaways: Bryce Perkins, young receivers make best of chances against Chiefs

NFL Power Rankings Week 13: Where Bears Stand After Loss Vs. Jets

Schrock’s Power Rankings: Where Bears stand after loss vs. Jets originally appeared on NBC Sports Chicago Week 12 of the NFL season reinforced some beliefs I’ve held for most of the year. Justin Fields, despite the need to improve as a passer, is the only thing standing between the ...

View more: NFL Power Rankings Week 13: Where Bears Stand After Loss Vs. Jets

Kids Online Safety Act May Harm Minors, Civil Society Groups Warn Lawmakers

Dozens of civil society groups urged lawmakers in a letter on Monday against passing a bill that aims to protect children from online harm. They warned the bill itself could actually inflict further danger on kids and teens by encouraging more data collection on minors and preventing access to ...

View more: Kids Online Safety Act May Harm Minors, Civil Society Groups Warn Lawmakers

Houston ‘juggings’ are soaring; 2022 totals already higher than 2021

Law enforcement weighs-in to KPRC 2 investigates on ways to be safe

View more: Houston ‘juggings’ are soaring; 2022 totals already higher than 2021

Asian shares fall as China protests, lockdowns cloud outlook

Asian shares fall as China protests, lockdowns cloud outlook Shares have skidded in Asia, with Hong Kong dipping as much as 4% following weekend protests in various cities over China's strict zero-COVID lockdowns A currency trader stretches at the foreign exchange dealing room of the KEB Hana Bank headquarters in ...

View more: Asian shares fall as China protests, lockdowns cloud outlook

Zonovan Knight, Ty Johnson break out with Jets thin at running back

It took only a day after Jets dynamic rookie running back Breece Hall was lost for the season to a knee injury for general manager Joe Douglas to pull the trigger on a trade to bring running back James Robinson in as insurance. As it turned out, it looks like ...

View more: Zonovan Knight, Ty Johnson break out with Jets thin at running back

Chinese markets slump as Covid protests spook investors

Police officers stand guard during a protest in Beijing – Bloomberg Chinese assets slumped Monday as a sense of chaos and uncertainty gripped traders amid growing Covid-19 protests across the country. The Hang Seng China Enterprises Index declined more than 4pc early on Monday before paring losses by about ...

View more: Chinese markets slump as Covid protests spook investors

Slumping Ducks fall to streaking Kraken

Rams, Sean McVay take another blow in lopsided loss to Chiefs

Dua Lipa Granted Albanian Citizenship Ahead of Country's 110th Anniversary of Independence

Small Plane Dangles From Power Transmission Tower in Maryland, Thousands Without Power

Does Warhammer 40k: Darktide beta progress carry over to the full game? Answered

Mexico's President López Obrador leads a massive pro-government march

Raiders' Josh Jacobs caps 300-yard game with walk-off TD in OT

How The Blacklist Producers Choose Guest Stars For The Show

How Rick Moranis' Improv Skills Led To A Great Party Moment In Ghostbusters

Protests against harsh lockdown rules intensify in China as UK journalist 'beaten and kicked by police' covering unrest

Singer Dua Lipa Granted Albanian Citizenship

Woman’s current boyfriend opens fire on her child’s father, his mother, his brother during custody exchange in NE Houston, police say

OTHER NEWS

Breaking thailand news, thai news, thailand news Verified News Story Network