A rally in cryptocurrencies was quickly snuffed out in the late morning hours in the U.S. as traders perhaps continued to take chips off the table following a big run higher over the past few weeks.
Rising to as high as $71,400, bitcoin (BTC) quickly pulled back to the $69,000 level, down nearly 1.3% over the past 24 hours. Ether (ETH) was lower by 0.3% and solana {{SOL]] fell closer to 2%. The broader CoinDesk 20 was off just 0.6%, with cardano {{ADA}} and litecoin (LTC) sporting modest gains.
Earlier Friday, the government reported a sizable slowdown in the U.S. employment market, with just 12,000 jobs created in October, the weakest jobs growth since late 2020. This number, however, could be set for a reversal in November or a revision higher as the Bureau of Labor Statistics works out how the flooding in the Southeast may have affected the data. Later, the ISM reported a 16-month low for its Manufacturing PMI survey, the gauge dropping to 46.5 versus 47.6 expected by economists.
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