Bitcoin Price Goes Wild Again as US Jobs Report Smashes Expectations

Bitcoin is on the move again after the release of the US jobs report for October, which was well above what experts anticipated. The reading, published minutes ago, noted that the US economy added 165,000 jobs in October, while expectations were around 59,000, according to CNBC. The unemployment rate fell to 4.1%, which is below expectations of 4.2%. Moreover, data for September’s report was also revised higher by 31,000 jobs. A stronger-than-expected reading is typically bearish for risk-on assets because it shows that the US Federal Reserve can maintain tighter monetary policy without breaking the economy. As such, it’s no real surprise that BTC’s immediate price reaction was a major leg down, dumping from $76,000 to $75,200 before erasing almost all losses.

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