Cryptocurrencies and traditional markets slid as the U.S. jobs report numbers more than doubled estimates. 

Bitcoin and ether were down more than 2% over the previous 24 hours at about 9:40 a.m. EST, with the former trading at $23,393 and the latter around $1,641. 

Nonfarm payrolls in January grew by 517,000, more than twice the 185,000 estimate, signaling that the Federal Reserve is likely to continue hiking interest rates as it attempts to stave off inflation. Crypto-related companies fell across the board, with Coinbase down 5% and Silvergate lower by 8.8%.