Bitcoin Price Falls. Why Boost From Jobs Data Is Fading Fast. — Barrons.com
By Callum KeownBitcoin and other cryptocurrencies fell early Friday, sliding along with global stock markets after initially spiking following the latest U.S. jobs data.It seems attention has quickly turned to the latest tariff development after President Donald Trump said letters would likely be sent to countries on Friday detailing the tax rates on goods imported to the U.S. , with fears that many nations could end up facing higher tariffs. The letters will come ahead of the July 9 deadline for countries to strike trade deals with the U.S.Bitcoin was trading at $108,874 early Friday, around 1% down over the past 24 hours. The world's largest cryptocurrency spiked above $110,000 Thursday after the U.S. economy added 147,000 jobs in June, crushing expectations. The tech-heavy Nasdaq Composite rose 1% — helped by the data and the passage of President Donald Trump's tax and spending bill in the House of Representatives. Cryptos tend to move in tandem with such riskier assets.However, digital assets have steadily declined overnight as global stock markets have slipped to start the day — U.S. markets are closed Friday for the Fourth of July holiday."European indices were all in the red as a lack of corporate news shifted investors' focus to the imminent end of Trump's 90-day pause on higher trade tariffs," AJ Bell analyst Dan Coatsworth said."Trade officials have been working hard to get rates as low as possible, but indications of 20% to 30% tariffs on the first batch of letters would suggest they are still high enough to cause some pain," he added.The second-largest crypto Ethereum enjoyed a similar bounce after June's labor data but was trading around 1.9% down over the past 24 hours at $2,550 Friday morning. XRP, the popular altcoin, fell 2.8% to $2.22, while Solana was 3.4% lower.Write to Callum Keown at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.