Bitcoin (BTC) Declines Despite Incredibly Strong Jobs

Key Points:

• The price of Bitcoin, the biggest cryptocurrency in the world, dropped after the US Bureau of Labor Statistics revealed a shocking jobs report.
• The benchmark interest rate was recently increased by the Fed by a quarter percentage point, Chairman Jerome Powell indicating there would be no dovish pivot.

The price of Bitcoin, the biggest cryptocurrency in the world, dropped after the US Bureau of Labor Statistics revealed a shocking jobs report.

The amazing 517,000 new jobs created by the U.S. economy last month were more than twice as many as analysts had anticipated. At 3.4%, the jobless rate is currently at a 50-year low.

It is important to note that experts projected a 3.6% unemployment rate and 188,000 additional jobs. Bitcoin and U.S. equities futures both fell. The heavily tech-focused Nasdaq 100 is down by over 2%. Since investors now anticipate that the Federal Reserve will keep raising interest rates to combat inflation, risk assets have declined.

The benchmark interest rate was recently increased by the Fed by a quarter percentage point, Chairman Jerome Powell indicating there would be no dovish pivot.

Although the Fed, which has been trying to cool the labor market with several consecutive rate hikes, may be disappointed by the most recent jobs report, the Biden administration will benefit because the recession myth has been severely undermined by the exceptionally strong labor market:

“President Biden and Congressional Democrats’ relentless focus on economic policies that put American workers and families first continues to pay off,” US Representative Brendan Boyle said on the report. At the time of publication, the price of Bitcoin on significant spot exchanges was just above $23,000.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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