Bitcoin price dropped below US$70,000 on Friday due to a mixed U.S. jobs report and a rate cut by the European Central Bank (ECB). The US Bureau of Labor Statistics reported an increase in job creation but also a rise in unemployment rates to 4%, leading to a decrease in Bitcoin’s value. Job growth showed strength, but the rise in unemployment and consistent weekly hours worked suggested deeper economic issues. Despite a 0.4% increase in average hourly earnings in May and a 4.1% year-over-year increase, the pace of aggregate weekly payroll growth in the private sector slowed compared to the previous year. Bitcoin was trading at US$$69,159 at 4:30 p.m. ET, according to CoinGecko. The ECB’s decision to lower its benchmark lending rate from 4% to 3.75%, the first reduction in five years, could potentially boost liquidity and the appeal of alternative assets like Bitcoin. This, along with positive institutional inflows into US spot Bitcoin ETFs totaling over US$1.54 billion this week, may impact Bitcoin’s short-term trajectory.