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The irony of the crypto market is how much it falls when the economy is doing well. On Tuesday, a couple of important economic readings came in better than expected, and Bitcoin (CRYPTO: BTC) and other cryptocurrencies dropped on the news. As of 4:30 p.m. ET, Bitcoin was down 4.9% in the past 24 hours, Ethereum (CRYPTO: ETH) was off 7.4%, and Dogecoin (CRYPTO: DOGE) was down 8.9%.

HOUSTON (Reuters) -Exxon Mobil signaled on Tuesday that sharply lower oil refining profits and weakness across all its businesses would reduce its fourth-quarter earnings by about $1.75 billion from the prior quarter. Exxon's snapshot is closely watched for clues to how other oil majors will fare when they begin releasing results this month. Exxon is expected to post a profit of $1.76 a share for the fourth quarter, down from $2.48 a share, in the same quarter last year, according to financial firm LSEG.

Bitcoin fell sharply as labor data showed continued economic strength that could keep the Federal Reserve from further cutting interest rates.