Bitcoin Slips Below $67,000 as Markets Brace for U.S. Jobs Data and Fed Signals

Bitcoin fell below the $67,000 mark during Asian trading on Wednesday, retreating as investors turned cautious ahead of key U.S. employment data that could influence the Federal Reserve’s interest rate trajectory in the months ahead.

The world’s largest cryptocurrency was last down 2.6% at $67,126.7 by 02:46 ET (07:46 GMT). The pullback followed a recent rebound from last week’s dip near the $60,000 level, although Bitcoin has struggled to hold above the psychologically important $70,000 threshold, underscoring persistent volatility and fragile sentiment across the crypto market.

U.S. jobs data in focus

Market attention is firmly centered on the delayed U.S. jobs report, due later on Wednesday after being postponed by a brief government shutdown. Economists expect the data to show modest labor market growth, with nonfarm payrolls forecast to rise by around 70,000 in January, while the unemployment rate is seen holding steady near 4.4%.

Investors are also looking ahead to Friday’s U.S. Consumer Price Index release, which could provide further insight into inflation dynamics and help refine expectations for future Federal Reserve policy moves.

According to the CME FedWatch tool, markets anticipate the Fed will keep interest rates unchanged until June, following three consecutive rate cuts in late 2025. Under normal circumstances, expectations of looser monetary policy tend to support risk assets such as Bitcoin by lowering the opportunity cost of holding non-yielding investments.

This cycle, however, has been atypical. Despite recent Fed easing, Bitcoin prices have remained under pressure. Analysts cite reduced market liquidity, softer institutional participation, and fading speculative appetite as key factors limiting upside momentum in the digital asset space.

Robinhood slides on weak crypto trading revenue

Broader weakness in crypto-related activity was also evident in corporate earnings. Robinhood Markets reported weaker-than-expected quarterly results, sending its shares sharply lower in extended trading on Tuesday.

The online brokerage posted fourth-quarter revenue of roughly $1.28 billion, missing analysts’ expectations of $1.40 billion. A steep decline in cryptocurrency trading revenue weighed heavily on results, offsetting gains in equities and options trading. Robinhood shares fell more than 8% in after-hours trade following the release.

Altcoins extend losses

Losses were not limited to Bitcoin, with most major altcoins also trading lower amid the cautious mood.

Ethereum declined 2.7% to $1,952.92, while XRP slid 4% to $1.36. Solana and Polygon each fell 4.1%, and Cardano lost 2.5%. Among meme tokens, Dogecoin dropped 3%.

With macroeconomic uncertainty lingering and key U.S. data still ahead, crypto markets remain vulnerable to further downside, as traders weigh the outlook for growth, inflation, and monetary policy against weakening momentum within the digital asset sector.