The US employment report for September is a sign that interest rate cuts could slow down, but it is creating a positive environment for Bitcoin (BTC). Grayscale Research Head Zach Pandl told Cointelegraph that investors are shifting to riskier assets.

The US economy added nearly 254,000 jobs in September, beating economists’ expectations. BTC prices rose above $62,300 after the data.

According to CME Group, futures traders are expecting a standard 0.25% rate cut at the Fed meeting in November. The Fed cut interest rates by 0.5% in September in August as inflation slowed and economic performance slowed.

According to CryptoQuant data, the amount of BTC held on centralized exchanges is at its lowest level since November 2018, raising expectations for a fourth-quarter rally for Bitcoin.