Bitcoin, S&P 500 and USD rise as unemployment falls

The US Dollar index rose as September unemployment fell.

Bitcoin and S&P 500 increase together again.

Risk-adjusted returns favor gold over Bitcoin.
Friday's US unemployment data drop helped Bitcoin (BTC) regain $62,000 psychological milestone. S&P 500 (SPX) and US Dollar Index (DXY) gained with BTC. This is a new market trend despite investors' risk appetite.

NFP affects Bitcoin, S&P 500, and USD.
The BLS reported 254,000 US Non-Farm Payrolls (NFP) in September, suggesting the economy created 107,000 more jobs than predicted. The unemployment rate dropped from 4.2% to 4.1%. The BLS also increased August and July NFP statistics by 72,000 jobs.

After the news, the US Dollar Index rose, suggesting a solid labor market. The S&P 500 and Bitcoin gained after solid NFP numbers, unlike in recent years when equities and crypto tend to adjust with a rising USD.

The market's high risk appetite may have caused the adjustment, according to the Kobeissi Letters. "Risk appetite is really high. For the first time in years, markets see all news positively "the experts said.

Gold fell following the NFP report. A few days before, gold was climbing while Bitcoin and the S&P 500 were down after Iran's missile attack on Israel.

Bitcoin and conventional equities are more correlated due to market response. Bitcoin has always been compared to gold because to its deflationary and decentralized nature, but its recent volatility and stock-like responsiveness to economic data are changing that.

Bitcoin has replicated the S&P 500's price trend multiple times in the last year, according to FXStreet.

Is Bitcoin being used by conventional investors to leverage stock exposure? Will conventional investors use Bitcoin to leverage stock exposure?

Bitcoin outperforms other major asset classes on returns, while gold outperforms on risk-adjusted returns, according to Ecoinometrics.

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