Bitcoin holds above $34k despite surprise uptick in US unemployment 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%.
Analyst 
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
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