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Glassnode and Coinbase report: Bitcoin maintains unique market path with low correlation to S&P 500 BITB, Bitwise’s BTC ETF, experiences first outflow since launch Grayscale witnessing a double halving as Bitcoin holdings fall to 310k OG Bitcoin holders or ‘King’ Fish retain $15k cost basis after buying the dip Bitcoin’s April plunge: On track for worst month since August down 11%
Market has started to price in a 10% chance of a 25bps rate hike, due to jobs data Market has started to price in a 10% chance of a 25bps rate hike, due to jobs data James Van Straten · 12 months ago
Insights Macro

Market has started to price in a 10% chance of a 25bps rate hike, due to jobs data

Stunning market shift: payroll data continues to exceed expectations and U.S. unemployment hits 3.4% โ€” hitting lows of 1969.

James Van Straten / @jvs_btc / May. 5, 2023 at 2:00 pm UTC

Quick Take

  • The U.S. unemployment rate moves down to 3.4%, the lowest level since 1969.
  • Payroll data came in at 253,000, with an expectancy of 185,000.
  • The market is currently pricing in a pause, but 25bps was not considered before today; now, there is a 10% chance.
  • This would take the fed funds rate to 5.25-5.50
Fed funds: (Source: CME)
Fed funds: (Source: CME)
Unemployment: (Source: Charlie Biello)
Unemployment: (Source: Charlie Biello)
Analyst

James Van Straten

Lead Analyst at CryptoSlate

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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