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Crypto Prices Slip Ahead of US Jobs Data as Bessent Flags Rate Risks

Crypto prices dipped as investors prepared for U.S. jobs data and reacted to comments from Treasury Secretary Scott Bessent. Bitcoin traded around $108,000, down approximately 1.7%, while Ethereum fell about 3.5% to near $3,750. Bessent noted that high interest rates may be pushing parts of the economy, especially housing, into recession, creating uncertainty about future rate cuts. Although his comments initially fueled optimism for easing, traders were wary of potential volatility from cuts triggered by slowing activity. Bitcoin’s dominance in the market indicated a cautious stance, as smaller tokens underperformed. Additionally, a significant outflow from U.S. spot Bitcoin ETFs, particularly BlackRock's IBIT, suggested a shift in institutional sentiment. Bitcoin continues to struggle below a critical cost basis of $113,000, raising concerns about possible deeper pullbacks if the prices persist below this level, with analysts monitoring for support near $88,000.

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