On the 11th (local time), the New York digital asset market traded lower as stronger-than-expected US payroll data cooled expectations for Fed rate cuts. Bitcoin briefly slipped intraday below $66,000, while Ethereum, Solana, and XRP also retreated. According to CoinMarketCap, BTC fell 2.17% to $67,685, and altcoins broadly weakened with BNB at $611.76, down 1.03% and posting a 7-day loss of 14.17%—the largest among major assets. Cardano declined to $0.325, down 3.28%, with Dogecoin and Ethereum also registering double-digit declines over the past week.
Market breadth remained negative, as none of the top 10 by market cap posted gains. The backdrop to the decline was a January employment report that significantly exceeded expectations, with payrolls rising by 130,000 versus a projected 55,000. The unemployment rate fell to 4.3%, signaling continued labor-market strength and reducing the probability of imminent monetary easing. CME FedWatch shows the probability of a March rate cut dropping from 21% to 6%, and the probability for an April cut slipping from 52% to 23%, underscoring a cautious investment climate for high-risk assets.
Institutional developments also shaped sentiment: BlackRock moved 600 BTC to a Coinbase Prime wallet, and Danske Bank, Denmark’s largest lender, began permitting digital-asset trading after eight years. Binance and Franklin Templeton announced off-chain collateral-based trading solutions to broaden institutional access. On the technical side, indicators point to oversold conditions and potential bounce signals, with Bitcoin trading below its 200-day moving average and RSI around 42.32. The Alternative.me Fear and Greed Index stood at 9, signaling Extreme Fear, while some market participants argued for selective buying pressure as liquidity conditions evolve.
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