Bitcoin (BTC) dropped below $30,000 on Friday morning, after ADP Research Institute revealed the strongest one-year growth in the U.S. job sector for the month of June, reaffirming the market’s expectation of an interest rate hike in July.

The U.S. Department of Labor will release the official numbers today.

Per data from CoinGecko, Bitcoin rapidly slipped from its weekly high of $31,248 to a 24-hour low of $29,904 in the early hours of Friday morning, before recovering to its current level of around $30,140, down 1.9% on the day.

Bitcoin’s tumble dragged the rest of the crypto market down, with the total market capitalization of crypto dropping 2.9% to $1.22 trillion.

Ethereum (ETH) lost 2.5% in the last 24 hours to trade at $1,860. Among the top 100 coins by market cap, Pepecoin (PEPE) topped daily losses, dropping 9%.

Another rate hike on the horizon?

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Author: Nivesh Rustgi

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