Bitcoin drops to $23,250 on significantly higher-than-expected US payroll data Bitcoin drops to $23,250 on significantly higher-than-expected US payroll data
The leading cryptocurrency fell to $23,250 in response to strong labor market data.
1 min read
Updated: February 3, 2023 at 1:47 pm
Cover art/illustration via CryptoSlate
The U.S. Bureau of Labor Statistics (BLS) released nonfarm payroll data showing 517,000 jobs were added in January, marking a significantly higher-than-expected increase.
Economists had forecast 185,000 nonfarm jobs to be added for the month, fewer than December’s actual 223,000 jobs added.
As an initial response, Bitcoin recorded a 1.1% swing to the downside, bottoming at $23,250 on the 13:30 (UTC) 5-minute candle.
Author 
Analyst at CryptoSlate
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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