Bitcoin Lingers Near $23,000 as Job Gains Weigh on Risk Assets

Bitcoin lingered near $23,000 after a report showing the US added more jobs than forecast last month renewed concern that higher interest rates could reduce demand for riskier assets.

The largest cryptocurrency rose as much as 4.2% to $23,467 on Friday, before paring the increase. Bitcoin remains within the range of around $19,000 to $25,000 that’s held it since mid-June. Ether was up as much as 8.4% to $1,724 before also pulling back a bit from the highs of the day.

“That was not a good jobs report for risk assets,” Craig Erlam, markets analyst at Oanda, said in an email. “That could worsen any slump further down the road, which is why we’re seeing risk assets sinking and Bitcoin is very much among them. It’s still a little higher on the day, but it’s given back a fair bit of its earlier gains.”