Bitcoin price falls below $80,000 as US jobless claims hit 57-year low

Bitcoin has fallen back below $80,000 after stronger-than-expected US jobless claims data showed that layoffs remained historically low, raising fresh questions about the Federal Reserve’s next interest rate decision. Summary Bitcoin slipped below $80,000 after briefly trading above $80,500, as buyers struggled to maintain the recovery despite the cryptocurrency remaining higher over the past 24 hours. US initial jobless claims fell to 189,000, below expectations of 196,000, matching the lowest level since 1969 and suggesting that employers remain reluctant to cut jobs. The stronger than expected labor market data could complicate expectations for further Federal Reserve interest rate cuts, which may put pressure on risk assets such as Bitcoin. US spot Bitcoin ETFs recorded $74.6 million in net inflows on November 4, ending three consecutive sessions of withdrawals, although flows across major funds remained mixed. According to a November 5 US News report, initial unemployment claims dropped by 6,000 to 189,000 in the week ending October 31, compared with market expectations of 196,000. The previous week’s reading was revised to 195,000. The latest figure matched the lowest level s...