The price of cryptocurrencies followed a downward trend on Thursday following a weaker-than-expected expansion of jobs in the United States private sector and the rupture in the relationship between President Donald Trump and billionaire entrepreneur Elon Musk.

Earlier, Trump Media's social network platform Truth Social proposed to amend the US Securities and Exchange Commission (SEC) existing rule paving the way for the company to list its Bitcoin exchange-traded fund (ETF).

Bitcoin slumped 2.94% at 4:12 pm ET to trade for $101,667.464 while Ethereum dropped 3.64% a minute later, to go for $2,513.1070.