Crypto Market Faces Volatility Amid Strong US Job Report and Fed Rate Hike Woes

Key Insights: Crypto market cap fell over 3% to $2.55T as digital-asset products recorded $511.9M in outflows. October non-farm payrolls reached 165,000, beating forecasts of 59,000 as unemployment rate fell to 4.1%. Kalshi traders priced a 79% chance of a Dec. 9 Fed hike while Bitcoin traded at $75,548. The crypto market declined as a stronger-than-expected US jobs report pushed traders to reassess the Federal Reserve’s next move. Bitcoin traded at $75,548 after the release, while several market indicators showed investor caution. The U.S. Bureau of Labor Statistics reported 165,000 new jobs in October. In addition, the unemployment rate dropped to 4.1%, and earlier payroll estimates were revised upward.

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