Key Moments
- Bitcoin traded 2.6% lower at $67,126.7 during Asian hours, slipping back under the $67,000 mark.
- Investors focused on a delayed U.S. employment report and upcoming CPI data for clues on the Federal Reserve’s rate trajectory.
- Robinhood Markets (NASDAQ:HOOD) fell more than 8% in after-hours trading after crypto-related revenue weakened quarterly results.
Bitcoin Slides as Macro Data Takes Center Stage
Bitcoin traded below $67,000 in Asian dealings on Wednesday, with traders positioning ahead of key U.S. labor market figures later in the day that could help define the Federal Reserve’s future interest rate decisions.
The largest cryptocurrency was last quoted 2.6% lower at $67,126.7 as of 02:46 ET (07:46 GMT).
Bitcoin had recently bounced from a pullback that took prices close to the $60,000 area last week, but buying momentum faded above the $70,000 threshold. The difficulty in holding those higher levels underscored persistent volatility and fragile sentiment across the digital asset space.
U.S. Jobs Data and Inflation Figures in Focus
A delayed U.S. employment report, which had originally been slated for release the prior week but was postponed due to a brief government shutdown, is scheduled for publication later on Wednesday.
Economists anticipate that the report will show moderate hiring, with forecasts calling for an increase of about 70,000 in nonfarm payrolls for January and an unemployment rate hovering near 4.4%.
Traders are also watching for the U.S. Consumer Price Index (CPI) update on Friday. The inflation reading could further refine expectations around price pressures and, in turn, potential adjustments to Federal Reserve policy.
According to the CME Fedwatch tool, market participants currently anticipate that the Fed will keep interest rates unchanged until June this year after implementing three straight cuts in late 2025.
In many cycles, expectations for easier monetary policy and lower borrowing costs tend to support risk-sensitive assets such as Bitcoin, in part by reducing the relative appeal of interest-bearing instruments versus non-yielding holdings.
This time, however, the pattern has diverged. Bitcoin has not consistently benefited from the prior rate reductions. Analysts have cited constrained liquidity conditions, tepid institutional participation, and waning speculative enthusiasm as headwinds for the cryptocurrency.
Robinhood Shares Drop on Soft Crypto Trading Revenue
Robinhood Markets’ (NASDAQ:HOOD) stock declined in late trading on Tuesday after the online brokerage posted quarterly results that missed expectations, pressured by weaker revenue from cryptocurrency activity and a broader cooling in digital asset trading.
The company reported approximately $1.28 billion in revenue for the fourth quarter, below analyst estimates of $1.40 billion. A sharp decrease in crypto-related income offset improvements in equities and options trading businesses.
Robinhood’s stock fell more than 8% in after-hours trading following the release.
Broader Crypto Market: Altcoins Extend Losses
Altcoins moved lower alongside Bitcoin on Wednesday, as a risk-off tone persisted in the digital asset market.
| Asset | Move | Last Price |
|---|---|---|
| Bitcoin | -2.6% | $67,126.7 |
| Ethereum (world no.2 crypto) | -2.7% | $1,952.92 |
| XRP (world no. 3 crypto) | -4% | $1.36 |
| Solana | -4.1% | – |
| Polygon | -4.1% | – |
| Cardano | -2.5% | – |
| Dogecoin | -3% | – |
Ethereum, the second-largest cryptocurrency by market rank, was down 2.7% at $1,952.92. XRP, identified as the third-largest crypto asset, declined 4% to $1.36.
Solana and Polygon each dropped 4.1%, while Cardano shed 2.5%. Among meme-oriented tokens, Dogecoin slipped 3%.
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