Bitcoin fell on Friday, capping a week of losses as global risk appetite faltered under the weight of new U.S. trade tariffs and a softer-than-expected jobs report. Despite a major corporate purchase, the world’s largest cryptocurrency struggled to hold recent highs amid mounting macroeconomic uncertainty.
Bitcoin ended the week on a sour note, sliding 2.4% to $115,890 by 10:22 a.m. Brasília time, bringing its weekly decline to roughly 3%. The pullback highlights the fragility of crypto markets, which have faced selling pressure as investors lock in profits and brace for potential turbulence in traditional markets.
The decline followed a wave of macroeconomic developments in the United States. President Donald Trump signed a new order on Thursday outlining fresh tariffs on several key trading partners, with implementation set for next week. Although Washington has secured some last-minute trade agreements with major economies, the threat of broader trade friction continues to weigh on investor sentiment.
Adding to the caution, July’s U.S. employment report revealed unexpected cracks in the labor market. Nonfarm payrolls increased by just 73,000—well below the 100,000 forecast—while previous months were sharply revised downward, erasing a combined 258,000 jobs. The unemployment rate ticked up to 4.2%, reinforcing fears that the labor market may be losing steam.
Weak job growth and heightened trade uncertainty have put the Federal Reserve in a delicate position. While the central bank signaled earlier this week that rates would remain steady, markets are now pricing in a 63% chance of a rate cut in September, up from 40% just a day earlier.
For Bitcoin, the immediate impact of tariffs is largely psychological—crypto is insulated from cross-border duties—but the broader macro narrative matters. Prolonged high interest rates and waning risk appetite tend to pressure speculative assets, leaving Bitcoin exposed despite its reputation as “digital gold.”
Even a major corporate purchase failed to spark enthusiasm. Strategy (NASDAQ:MSTR), the top corporate holder of Bitcoin, added to its holdings this week and posted stronger-than-expected quarterly results, but the move did little to reverse the bearish tone.
As the week closes, crypto traders are keeping a close eye on macro catalysts. A sustained break above recent highs will likely require a shift in the macro backdrop—or a fresh wave of institutional demand—to restore momentum.
