India, May 8 -- A better-than-expected job market update from the U.S. on Friday has dampened rate cut expectations from the Fed, dragging down cryptocurrencies. The fresh round of hostilities between the U.S. and Iran has also weighed on the market's mood. Overall cryptocurrency market capitalization has decreased a little less than 1 percent in the past 24 hours.
Data released just a while ago by the U.S. Bureau of Labor Statistics showed the American economy adding 115 thousand jobs in April versus a revised 185 thousand in the previous month. Markets had expected a far lower addition of 62 thousand. The unemployment rate remains steady at 4.3 percent, matching expectations.
With the robust jobs data increasing the likelihood of intere...