Bitcoin Falls 3.25% Amid Strong U.S. Job Data and Whale Sell-Off

Bitcoin’s price has fallen by approximately 3.25% in the last 24 hours, settling at $3,690 on June 8. Despite this decline, the BTC/USD pair is performing better than the broader crypto market, which has seen a 3.75% drop in the same period. Two main factors are driving Bitcoin’s lower prices today: better-than-expected job data in the United States and a slight reduction in the BTC supply held by its wealthiest investors. The primary reason for Bitcoin’s price drop today is the robust U.S. employment report for May. Nonfarm payrolls surged by 272,000, surpassing all 77 estimates in Bloomberg’s economist survey.