May 29, 2024
Bitcoin's Dip at $43,500 Amid Strong U.S. Job Growth and Market Shifts
Bitcoin News

Job Growth Beats Predictions: Bitcoin Dips, Markets React

In November, the U.S. economy experienced robust job growth, surpassing expectations by adding 199,000 jobs. Simultaneously, the unemployment rate dropped to 3.7%, outperforming earlier forecasts. Previously, economists predicted an addition of 180,000 jobs, an increase from the 150,000 jobs added in October. Projections for the unemployment rate had anticipated a steady 3.9%. However, the actual numbers proved more favorable than expected.

Following the release of this data, Bitcoin experienced a slight 0.5% decline, settling at $43,500. Meanwhile, traditional markets witnessed a surge in interest rates, particularly the 10-year U.S. Treasury yield, which rose by 8 basis points to reach 4.24%. Consequently, U.S. stock index futures dipped, notably the Nasdaq 100, by 0.7%.

Bitcoin had been on an impressive upward trajectory, marking a 60% surge since October’s commencement, partly attributed to investor optimism fueled by expectations of reduced interest rates due to potential shifts in Federal Reserve monetary policy. However, the positive job report might alter these rate predictions, possibly pausing or slightly reversing this rally.

Delving further into the report, average hourly earnings in November climbed by 0.4%, exceeding the previous month’s 0.2% increase and surpassing the expected 0.3%. Year-over-year, average hourly earnings remained consistent with October at a 4% increase, aligning with initial forecasts.

Image by freepik

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