Bad news has just been bad news over the past 24 hours. Friday’s weak U.S. jobs report bolstered bets on deeper Fed cuts, but bitcoin (BTC) hasn’t played along.

The leading cryptocurrency by market value remains heavy below $112,000, instead of rallying on the prospect of easier monetary policy as many had anticipated. The inability to find upside suggests potential for a deeper sell-off ahead.

NFP shock

Job seekers had a tough time in August as the nonfarm payrolls revealed just 22,000 job additions, significantly less than the Dow Jones' projection of 75,000. The report also revised the combined job creation over June and July by 21,000. Notably, the revised June figure showed a net loss of 13,000.

Nine sectors, including manufacturing, construction, wholesale trade, and professional

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