Asia Market Open: Bitcoin Tumbles 7% to $85K, Stocks Retreat as US Jobs Data Fails to Clarify Rate Outlook

Core Insights - Bitcoin experienced a significant decline of 7% to approximately $85,000 as Asian markets opened weaker, reflecting a global sell-off influenced by US jobs data that did not clarify the Federal Reserve's interest rate cut timeline [1][3] Market Overview - Wall Street set a negative tone with major indexes sharply lower due to renewed anxiety over stretched valuations, reminiscent of earlier tariff shocks under President Trump [3] - The latest US employment figures indicated a stronger job addition than expected in September, but a slight increase in the unemployment rate and downward revisions of previous months created a mixed outlook for the Fed [4] - Treasury yields decreased following the jobs data, with futures markets now pricing in a 40% chance of a December rate cut, up from 30% the previous day [5] Regional Market Performance - Asian markets mirrored the cautious sentiment, with MSCI's broad index of Asia Pacific shares outside Japan falling around 1.8%, marking a weekly loss of approximately 3%, the steepest since early April [6] - Japan's Nikkei dropped 1.8% for the day and about 2.8% for the week, while Taiwan and South Korea saw declines of 2.7% and over 3%, respectively [6] Cryptocurrency Market Dynamics - The cryptocurrency market followed the risk reset, with analysts noting that if macroeconomic concerns escalate into panic, Bitcoin could face strong resistance around $75,000, although a short-term upward movement is more likely given current market dynamics [7] - Executives in the digital asset industry view Bitcoin's decline as a healthy market correction rather than the onset of a prolonged downturn, with Bitget's CEO suggesting the drop to around $87,000 is a reset [8] Cryptocurrency Performance - Current cryptocurrency prices include Bitcoin at $86,156 (down 6.9%), Ether at $2,819 (down 7.1%), and XRP at $1.99 (down 7.1%), with the total crypto market cap at $3.03 trillion (down 6%) [9]