Bitcoin plunged below $70,000 on Friday, falling more than 5% over the last day as the U.S. lost 92,000 jobs in February and the unemployment rate inched up to 4.4%, according to the Bureau of Labor Statistics.

U.S. Representative Darren Soto (D-FL) was quick to blame President Donald Trump for the weakening labor market.

"Job losses mount as Trump’s dismal economy continues to take its toll on American families," he wrote on X. "U.S. lost another 92,000 jobs in February after dismal job numbers for 2025. His tariffs, corruption and incompetence are to blame."

The president hasn't yet commented on the the jobs report. On Truth Social, he said of the U.S. war with Iran that: "There will be no deal with Iran except UNCONDITIONAL SURRENDER!"



Bitcoin peaked above $72,000 yesterday, but was trading for $68,282 at the time of writing after having lost 5.6% in the past day, according to crypto price aggregator CoinGecko.

Liquidations have been modest over the past 24 hours. A total of $370 million worth of crypto derivatives have been forced to sell in the past day, the majority of that coming from long positions. Nearly half of that tally came from Bitcoin positions, according to derivatives analytics platform CoinGlass.

Earlier this week, Bitcoin climbed above $74,000 for the first time in four weeks. But the retrace isn't cause for alarm, according to Nexo analyst Iliya Kalchev.

"Markets do not need acceleration here; they need acceptance above reclaimed levels," he said in a note shared with Decrypt. "Stability above $70,000 would reinforce the idea that positioning has reset and that incremental supply is thinning."

There's also signs that institutional BTC investors are still feeling skittish, as Bitcoin ETFs shed $228 million on Thursday.

Looking ahead, next week will bring a full slate of marcoeconomic indicators, Kalchev added.

"Monday brings Japan's gross domestic product data. Wednesday features Germany consumer price index, United States consumer price index, and a United States 10-year note auction that will test demand for duration at current yield levels," he wrote. "Thursday’s initial jobless claims and Friday’s core personal consumption expenditures data alongside JOLTs job openings will further shape the inflation and labor narrative."

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