Bitcoin dropped below $67,000 levels in Asian trading on Wednesday as investors awaited key U.S. jobs data later in the day, which could influence the Federal Reserve's interest rate path.
The world’s biggest cryptocurrency last traded 2.6% lower at $67,126.7 by 02:46 ET (07:46 GMT).
Bitcoin had recently rebounded from last week’s slump near the $60,000 level, but struggled to sustain gains above $70,000, reflecting ongoing volatility and fragile sentiment in the crypto market.
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Delayed US jobs data on tap The delayed U.S. employment report, originally scheduled for last week but pushed back due to a brief government shutdown, is due later on Wednesday.
The data is expected to show modest job gains, with economists forecasting nonfarm payrolls rising by about 70,000 in January and the unemployment rate holding steady near 4.4%.
Traders also await the U.S. Consumer Price Index (CPI) release on Friday, which could further shape expectations for inflation and influence prospects for Federal Reserve interest rate moves.
Market participants expect the Fed to hold rates steady until June this year after three consecutive reductions during late 2025, according to the CME Fedwatch tool.
Typically, expectations of easier Fed policy and lower interest rates buoy risk assets, including Bitcoin, by reducing the opportunity cost of holding non-yielding assets.
However, this cycle has differed, with Bitcoin’s price remaining subdued despite Fed cuts. Analysts pointed to reduced liquidity, weak institutional, and fading speculative interest as factors weighing on the digital currency.
Robinhood tumbles as weak crypto revenue weighs on results Robinhood Markets' (NASDAQ:HOOD) stock slid in extended trading on Tuesday after the online broker reported weaker-than-expected quarterly earnings, weighed down by lower revenue from cryptocurrency trading and a broader slowdown in digital asset activity.
The fintech platform posted fourth-quarter revenue of about $1.28 billion, below analysts’ forecasts of $1.40 billion. Crypto-related revenue fell sharply, reflecting subdued market demand, and offset gains in equities and options trading.
Robinhood’s shares dropped more than 8% in after-hours trading.
Crypto price today: altcoins drop; XRP loses 4% Most altcoins also fell on Wednesday, extending losses amid a cautious mood.
World no.2 crypto Ethereum lost 2.7% to $1,952.92.
World no. 3 crypto XRP dropped 4% to $1.36.
Solana and Polygon declined 4.1% each, while Cardano fell 2.5%.
Among meme tokens, Dogecoin slipped 3%.
