Bitcoin fell below $67,000 in Asian trading on Wednesday as investors awaited key U.S. jobs data later in the day, which could influence the Federal Reserve's interest rate path.
The world's largest cryptocurrency was trading down 2.6% at $67,126.7 by 09:46 Saudi time.
Bitcoin had recently rebounded from last week's low near the $60,000 level, but struggled to maintain gains above $70,000, reflecting continued volatility and fragile sentiment in the cryptocurrency market.
Delayed US jobs data is awaited.
The delayed US employment report, originally scheduled for last week but postponed due to a brief government shutdown, is due later today, Wednesday.
The data is expected to show modest job gains, with economists forecasting nonfarm payrolls rose by about 70,000 in January while the unemployment rate held steady at around 4.4%.
Traders are also awaiting the release of the US Consumer Price Index (CPI) on Friday, which could further shape inflation expectations and influence the likelihood of interest rate moves by the Federal Reserve.
Market participants expect the Federal Reserve to keep interest rates steady until June of this year after three consecutive cuts through late 2025, according to the CME Fedwatch tool.
Typically, expectations of a more accommodative Federal Reserve policy and lower interest rates support high-risk assets, including Bitcoin, by reducing the opportunity cost of holding non-yielding assets.
However, this cycle was different, with Bitcoin's price remaining low despite the Federal Reserve's rate cuts. Analysts pointed to reduced liquidity, weak institutions, and waning speculative interest as factors weighing on the cryptocurrency.
Robinhood Markets declined as weak cryptocurrency revenues weighed on results.
Shares of Robinhood Markets (NASDAQ:HOOD) fell in extended trading on Tuesday after the online broker reported lower-than-expected quarterly earnings, weighed down by lower revenue from cryptocurrency trading and a broader slowdown in digital asset activity.
The financial technology platform reported fourth-quarter revenue of approximately $1.28 billion, falling short of analysts' expectations of $1.40 billion. Revenue from cryptocurrencies declined sharply, reflecting weak market demand, offsetting gains in stock and options trading.
Robinhood shares fell by more than 8% in after-hours trading.
Cryptocurrency prices today: Altcoins decline; XRP loses 4%
Most alternative currencies also fell on Wednesday, extending losses amid a cautious mood.
Ethereum, the world's second-largest cryptocurrency, lost 2.7% to reach $1,952.92.
XRP, the world's third-largest cryptocurrency, fell 4% to $1.36.
Solana and Polygon each fell by 4.1%, while Cardano declined by 2.5%.
Among the meme currencies, Dogecoin fell by 3%.
