Bitcoin Price Reacts to US Jobs Report and Declining Unemployment Rate
The Friday release of the US jobs report showed that the general expectations of over 160,000 job positions to be filled were not matched.
Bitcoin reacted with an increase toward $57,000 as the report could provide a clearer picture of what the US Federal Reserve is about to do in less than two weeks.
The country’s labor department announced that local employers added 142,000 new jobs in August, which was lower than the anticipated 160,000+.
Given the numbers for July and June, the results for August brought the three-month average to 86,000, which is still a lot less than the 202,000 seen in the year before the summer of 2024.
The silver lining for the US economy came in the form of the unemployment rates. As reported last month, the metric had soared to 4.3% for July, which was the highest since October 2021. For August, the rates declined slightly to 4.2%, in line with most experts’ expectations.
The data from above hints that the US Federal Reserve will indeed reduce the interest rates later in September, as Chair Jerome Powell hinted last month. According to most reports, the cut will be by 25 basis points.
BTC’s price was quick to react to the report released by the US government as it has been particularly susceptible to anything coming from the world’s largest economy lately. It went from $55,500 to $57,000 in a matter of minutes but has failed to overcome that level for now.
Bitcoin/Price/Chart 06.09.2024. Source: TradingView
The post Bitcoin Price Reacts to US Jobs Report and Declining Unemployment Rate appeared first on CryptoPotato.
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