The release of stronger-than-expected U.S. employment data has significantly impacted Bitcoin's price movement today. The December jobs report showed the U.S. economy added 256,000 jobs, far exceeding the forecast of 160,000. This robust job growth has led to a surge in U.S. treasury yields, casting doubt on the likelihood of further interest rate cuts by the Federal Reserve in 2025. Such developments are typically unfavorable for risk assets like Bitcoin. Additionally, the market is reacting to the U.S. Department of Justice's authorization to sell 69,370 Bitcoin seized from the Silk Road marketplace, raising concerns about increased supply and its impact on Bitcoin's price dynamics.
The 2x Bitcoin Strategy ETF (BITX) experienced a slight decline, dropping 0.54% to $51.49 at 11:00 AM on Friday, January 10.