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08 Oct 2022

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

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

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