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Bitcoin holds above $34k despite surprise uptick in US unemployment
Amid a surprising US jobs report, Bitcoin maintains its ground.
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
Quick Take
The latest U.S. jobs data reflected a perceptible deviation from consensus expectations, leading to subtle reverberations in the crypto market.
The unemployment rate for October was anticipated to hold steady at 3.8%, mirroring August's figures. However, it registered a slight uptick to 3.9%. Concurrently, non-farm payroll data, projected to mimic the unemployment rate at 3.8%, significantly underperformed, with a mere 150,000 payrolls added.
Higher unemployment and lower payroll figures indicated an unforeseen softening in the labor market's progress.
Interestingly, against this backdrop, Bitcoin demonstrated a marginal positive response. Despite the less-than-robust economic indicators, the premier cryptocurrency remained above the $34,000 mark.
| Date | Time | Country | Indicator | Actual | Previous | Consensus |
|---|---|---|---|---|---|---|
| Friday, November 03, 2023 | 12:30 PM | US | Non-Farm Payrolls OCT | 150K | 297K | 180K |
| Friday, November 03, 2023 | 12:30 PM | US | Unemployment Rate OCT | 3.9% | 3.8% | 3.8% |
Following the release of the jobs report, projections for the upcoming Federal Reserve meeting, scheduled for Dec. 13, now indicate a 10% likelihood of a 25 basis points rate hike. If implemented, this adjustment would elevate the federal funds rate to 5.50 – 5.75%.
Market Cap $1.6T
24H Volume $36.81B
