Statistics show that in January, a staggering 517k new employment were created.
The addition of new employment is good for the Dollar but bad for Bitcoin.
The market has reached a point of no return. A new report on non-farm payrolls in the United States is now available. The number of individuals working in the U.S.’s industrial, construction, and retail sectors. The government statistics show that in January, a staggering 517k new employment were created. The latest figure is around 2.5 times higher than December’s 223,000.
There was a complete lack of expectation for these recent results. Economists polled by Reuters predicted a far smaller increase in non-farm payrolls in January, at 185,000. In addition, the jobless rate has decreased to 3.4% from 3.5% in December. Still, an increase of 3.6% was forecasted for the same.
Crypto Market Stands Strong
Typically, a weakening Dollar is signaled by figures that are lower than expected or by a decrease in the number of available jobs. Such a situation is perfect for Bitcoin and other conversely linked assets in hindsight. The addition of new employment is good for the Dollar but bad for Bitcoin.
The announcement of the CPI statistics completely altered the market’s mood. Funding rates gradually increased again, confirming this. Yesterday, buyers regained control, as the cryptocurrency pushed beyond the $24,000 barrier. However, today the prices did feel the heat but ultimately managed to stabilize and is now trading at $23,501 as per CMC. If Bitcoin continues in its current pattern, there is a chance of a retaliatory uptick.
Although the rule of thumb has not been followed by the market. The most recent occurrences of NFP have shown results that exceeded expectations. While this was happening, every single day BTC’s candle closed in the green.
