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<p>Disappointing employment figures in the United States shook Wall Street on Friday, triggering a chain reaction in the financial markets. This data significantly affected the values of crypto assets, notably bitcoin.</p>
<h2 id="h-revelations-of-a-worrying-employment-report">Revelations of a worrying employment report</h2>
<p>The latest U.S. employment report, released on Friday, unveiled alarming figures that immediately shook <a href="https://www.cointribune.com/en/paris-stock-exchange-down-crucial-week-for-markets/" target="_blank" rel="noopener noreferrer nofollow">the stock markets</a>. The Department of Labor report revealed that the unemployment rate increased to 4.3% in July, its highest level since October 2021.</p>
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<p>Although 179,000 jobs were created in June, the July figures show a growth of only 114,000 non-farm jobs. This figure is well below economists’ forecasts, which estimated an addition of 175,000 jobs. This situation fuels <a href="https://decrypt.co/242942/bitcoin-price-dips-weak-us-jobs-wall-street-panic" target="_blank" rel="noopener noreferrer nofollow">fears of an imminent recession</a>, especially with the highest interest rates in 22 years making borrowing more expensive.</p>
<p>Analysts are divided on the long-term implications of this data. Some, like Zach Pandl of Grayscale, wonder if the economy is undergoing a soft landing or if the recession has merely been delayed. This uncertainty makes the markets particularly nervous, in a context where the U.S. Federal Reserve could review its interest rates next month.</p>
<h2 id="h-cascade-effects-on-bitcoin-and-other-crypto-assets">Cascade effects on bitcoin and other crypto assets</h2>
<p>The immediate market response was a sharp drop. The Nasdaq experienced a 2.9% decline, slipping into a market correction after losing 10% from its peak last month. Similarly, the S&amp;P 500 and the Dow Jones recorded drops of more than 2%, marking one of the worst trading sessions since 2022.</p>
<p>Panic in traditional markets quickly affected the crypto market. Bitcoin notably fell by 4.4% in a few hours to about $62,500. Currently, the crypto asset is trading below the $61,500 mark. Altcoins like Ether and Solana also suffered significant losses, dropping nearly 3% and more than 4%, respectively.</p>
<p>Publicly traded companies in the cryptocurrency sector were not spared. MicroStrategy, the largest corporate holder of bitcoin, saw its stock drop by 3% to $1,460. Similarly, Coinbase, one of the world’s leading crypto exchanges, saw its stock price decrease by 2.8% to $208.</p>
<p>In conclusion, the economic and financial news of this Friday underscores the fragility of the markets in the face of <a href="https://www.cointribune.com/en/crypto-these-indicators-announce-the-return-of-shiba-inu/" target="_blank" rel="noopener noreferrer nofollow">negative economic indicators</a>. Cryptocurrencies and tech stocks have shown their vulnerability, while experts debate the possibility of a recession. Investors remain on alert, closely monitoring the Federal Reserve’s upcoming decisions and the evolution of economic indicators.</p>

Bitcoin Plunges to $61,500: Impact of the US Employment Report

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