Bitcoin and Ethereum experienced declines on Friday as the cryptocurrency market navigated a turbulent week

Bitcoin dropped by 1.5%, and Ethereum by 1.7%. Meanwhile, the stock market, facing a challenging start to 2024, showed signs of recovery on Friday but is still on track for its first losing week in over two months. As Friday's trading session concluded, the SP 500 index and Nasdaq Composite index rose by approximately 0.3%, with year-to-date declines of 1% and 2.4%, respectively. Investors have been digesting this week's employment data and the latest indications from the Federal Reserve regarding the uncertain pace and timetable for interest rate cuts. According to data released by the U.S. Bureau of Labor Statistics on Wednesday, the ratio of job openings to unemployed persons remained at 1.4 times in November, compared to the average level of 0.7 times since December 2000. On Friday, Bitcoin (BTC) hovered below $44,000, erasing the modest rebound seen on Thursday when the cryptocurrency rose by up to 4%, trading around $44,500. Ethereum (ETH) also experienced a decline of 1.5% on Friday, contributing to a 2% drop since the beginning of 2024. Bitcoin maintains a year-to-date increase of 2.7%.