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Bitcoin responds to U.S. unemployment rate: what's next?
By Davide Grammatica
With 254 thousand new jobs, the US unemployment rate touches 4.1%, and with new Fed cuts likely Bitcoin moves higher
Cryptos react to macro data
NewU.S. employment data exceeded analysts’ expectations. With 254,000 new jobs, the U.S. unemployment rate hit 4.1 percent from 4.2 percent in August (forecasts gave only 140,000).
Bitcoin responded to the rise by exceeding $61,700, and increased volatility is expected in the coming days. Still, this has not been enough, for now, to bring BTC back to last week’s levels, but optimism around the premier cryptocurrency seems to be growing (albeit with an eye always on the Middle East).
“A strong U.S. economy reduces uncertainty, particularly with the upcoming U.S. elections, and this bodes well for BTC, removing one of the main risks facing the market,” says, for example, analyst James Van Straten in an interview with CoinDesk.
The future still lies with the Fed
Recent economic data, accompanying the words of Jerome Powell, who spoke earlier in the week, have decreased the likelihood of a new 50 basis point cut to interest rates. As of today, as CME FedWatch reports, the odds of a new 25 basis point cut have risen to nearly 90 percent.
Most financial indexes are up right now, with gains among futures and the Nasdaq 100 up 1 percent. The U.S. government bond yield is also up (3.94 percent). Slightly down, however, is the price of gold, which is still performing out of the ordinary since the beginning of the year.
