🌋 U.S. October Employment Report Sparks BTC Movement
posted 3 hr ago
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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