US Markets Rocked by Weak February Jobs Report, Bitcoin Holds $70K

The U.S. job market delivered a shock in February that rippled across all asset classes, from equities to commodities to digital assets. As US markets digested surprisingly weak employment figures, investors scrambled to reassess the outlook for Federal Reserve policy, sending stocks lower and cryptocurrencies into mixed territory.

Employment Data Misses Forecast, Triggering Market-Wide Pullback

The economy shed 92,000 jobs in February—well below expectations of a 59,000 gain and a sharp reversal from January’s addition of 126,000 positions. The unemployment rate climbed to 4.4%, exceeding economist forecasts of 4.3% and marking a deterioration from January’s 4.3% reading. This marked a significant weakness in the labor market that caught many market participants off guard.

The dismal data immediately pressured US markets across the board. Stock index futures retreated sharply, with the Nasdaq shedding 1% and the S&P 500 down 0.8%. The 10-year Treasury yield fell by four basis points to 4.11%, as investors rotated into safer fixed-income assets. Meanwhile, precious metals reversed early losses, with gold climbing 1% and silver surging 2% as flight-to-safety flows dominated trading.

Rate Cut Hopes Resurface as US Markets Digest Economic Weakness

The weak employment report has rekindled discussion about potential Federal Reserve rate cuts in the first half of 2026. Prior to Friday’s data, markets were pricing in a 95% probability the Fed would hold rates steady at its March 18 meeting, with an 85% chance of no rate cut in April. The softer jobs report could shift those calculations.

Complicating the picture, however, are rising oil prices fueled by escalating tensions in the Middle East. WTI crude surged 6.2% to $86 per barrel on the employment report day. If higher energy prices persist, they could feed into broader inflation through food and energy costs, potentially tempering expectations for aggressive Fed easing despite the weak jobs print.

Bitcoin Steadies While Altcoins Rally on Trump Policy Announcement

Bitcoin initially declined alongside US markets risk-off sentiment, trading down toward $70,000 as equity markets dipped and crude climbed. However, the tone shifted after President Donald Trump announced a five-day pause on military strikes against Iranian energy infrastructure, reducing immediate geopolitical risk.

The Trump announcement bolstered risk appetite across digital assets. Bitcoin climbed above $70,000 and held most of its gains, settling near $70.76K with a 24-hour advance of 4.01%. Alternative coins participated in the recovery as well, with Ethereum, Solana, and Dogecoin each rising roughly 5%. Crypto-linked mining stocks extended the gains, with equities rallying 1.2% as investors rotated back into risk assets.

Analysts Eye Oil Prices as Key to Crypto’s Next Major Move

Bitcoin’s immediate path forward hinges on whether Middle East tensions and crude oil prices stabilize, according to market observers. Should geopolitical risk ease further, another test of the $74,000 to $76,000 range becomes plausible. Conversely, if tensions reignite or oil prices remain elevated, Bitcoin could face renewed selling pressure, potentially pulling prices back toward the mid-$60,000 range.

The employment report demonstrated how macro developments continue to shape cryptocurrency price action. With the Federal Reserve potentially reconsidering its rate path and oil prices influencing inflation expectations, US markets will remain in focus as a key driver of digital asset performance in coming weeks.