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September Jobs Data Exceeds Expectations, Impacting Bitcoin And Market Sentiment 📈
According to CoinDesk, the U.S. employment landscape showed significant improvement in September, with the government reporting the addition of 254,000 jobs, surpassing economist predictions of 140,000. Additionally, August's job gains were revised upward from 142,000 to 159,000. The unemployment rate decreased to 4.1% from 4.2% in August, against forecasts of 4.2%.
Bitcoin's price not only remained stable following the release of the data but surpassed $62K, up more than 3% over the past 24 hours. Despite this, bitcoin prices are still lower compared to the previous week's levels above $66,000, influenced by macroeconomic factors, including the escalation of conflict in the Middle East. CoinDesk analyst James Van Straten noted that a robust U.S. economy reduces market uncertainty, particularly with the upcoming U.S. election, which is favorable for bitcoin.
Before the release of the jobs data, short-term rate markets had priced in a 30% chance of a 50 basis point cut and a 70% chance of a 25 basis point cut, according to CME FedWatch. Following the data, the probability of a 50 basis point cut dropped to 11%. In traditional markets, U.S. stock index futures gained, with the Nasdaq 100 rising by 0.8%. The U.S. 10-year yield increased by eight basis points to 3.94%, and the dollar index rose by 0.5%. Conversely, the price of gold fell by 0.5% to $2,665 per ounce.
