🌋 U.S. October Employment Report Sparks BTC Movement
posted 1 Nov 2024
On November 1, the U.S. Bureau of Labor Statistics released its October 2024 employment update, which sent ripples through the Bitcoin market. The unemployment rate remained steady at 4.1%, in line with expectations.
The shocker, however, was non-farm employment, which rose by only 12,000 jobs compared to an anticipated 106,000 increase.
This development could add weight to the likelihood of a rate cut at the upcoming Federal Reserve meeting on November 7. However, WSJ Chief Economics Correspondent Nick Timiraos pointed out on X that the impact on the forecasted 25-basis-point cut may be limited.
Data from CME FedWatch displays the probability of a 0.25% rate reduction in November remains very high. At the time of writing, the tool reflects nearly 99% certainty, though such expectations can shift swiftly.
In response to the employment report, Bitcoin saw heightened volatility. BTC initially climbed 2%, peaking above $71,500, but later fell below the $69,500 mark.
BTC Price Fluctuations Post U.S. Employment Data Source: WhiteBIT
Additionally, it was reported that Bitcoin closed October with a monthly gain. Despite broader market pressures, BTC added over 10% to its value in October, according to CoinGlass data, while ETH posted a 3.4% decline.
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