Bitcoin (BTC) hit a wall on Friday, trading at approximately $66,726 after a stronger-than-expected U.S. jobs report threw a wrench into hopes for immediate interest rate cuts. The digital asset, which had been pushing toward the $68,500 level earlier in the week, saw a slight pullback as Treasury yields climbed in response to the fresh labor data.
The latest figures suggested a resilient economy, a scenario that generally allows the Federal Reserve to keep interest rates higher for longer. Chris Zaccarelli, chief investment officer for Northlight Asset Management, pointed out that this resilience is a double-edged sword for traders.
“At the margin, this would make the Fed less likely to rush to cut interest rates,” Zaccarelli said, though he noted that a strong job market should allow consumer spending to continue.
While the immediate price action was muted, the week was marked by significant commentary from institutional heavyweights. ARK Invest CEO Cathie Wood argued that the days of Bitcoin losing 80% or 90% of its value in a single bear market are likely a thing of the past.
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Wood told CNBC that the asset has matured into a “proven monetary system” and a legitimate new asset class.
“Believe it or not, in the Bitcoin community, down 50% — if that’s as far as it goes — they’ll consider that a real victory,” Wood said during an interview. “The 85-95% collapses associated with a very new technology — that’s done.”
On the regulatory side, today brought some clarity that the industry has been seeking for years. The SEC and CFTC issued a joint interpretation under Chairman Paul Atkins, clarifying that digital commodities, collectibles, and certain stablecoins are not to be classified as securities. This shift aligns with the ongoing momentum of the CLARITY Act, which is slated for discussion in the Senate Banking Committee later this month.
Not everyone shares the optimistic outlook, however. Bloomberg senior strategist Mike McGlone recently suggested that the market could still see a much deeper correction toward $10,000, framing the current environment as a “bursting crypto bubble.” This stands in sharp contrast to other analysts who believe the market bottomed out much higher.
As of Friday, Bitcoin remains roughly 47% below its October 2025 all-time high of $126,200. Trading volume remains consistent as the market attempts to digest both the new regulatory framework and the shifting macroeconomic signals from Washington.
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