Bitcoin fell 1.3% in the hour leading up to 9:30 p.m. in Hong Kong, to trade at US$27,369 following the U.S. jobs report release. The world’s largest economy added 336,000 new jobs in September, far exceeding preliminary expectations of 170,000 and fueling concerns that interest rates will remain high over a longer period of time.

Bitcoin has been trading under US$30,000 since July after surging past the mark behind the series of Bitcoin spot exchange-traded fund applications from some of the world’s largest asset managers, including BlackRock and Fidelity. 

Hopes that the U.S. Securities and Exchange Commission would greenlight a spot Bitcoin ETF have been further boosted by Grayscale Invesment’s legal victory in August. The court sided with the firm in challenging the SEC’s rejection of the fund manager’s application to convert its Bitcoin fund into an ETF.

But this week, Ethereum-based financial products stole the show.