Bitcoin’s fortunes have continued to yo-yo on the back of disappointing jobs data in the US – although there are signs of a slight recovery.
On Monday the price dipped below the $50k mark – significantly down from $68k in mid July.
However, in early trading on Tuesday (August 6) the price had bounced back to nearly $56k in volatile trading conditions.
The value of other cryptocurrencies, including Ethereum, Solana and BNB, also plummeted in the last week before rallying in the last 24 hours.
Non-farm payrolls (NFP) in the US showed only 114,000 new jobs in July – the lowest figure since January 2021.
The figure was well below market expectations and coincided with an increase in unemployment rates.
Bitcoin is the world’s first and most well-known cryptocurrency and was launched in 2009.
Speculation is growing that the Federal Reserve will cut interest rates to support the economy and stave off fears of a recession.