US Nonfarm Payrolls Data Announced: How Did Bitcoin React?

An increase was observed in Bitcoin (BTC) after the US non-farm employment data for April was announced as 175 thousand, below expectations.

The US Non-Farm Employment data for April, which was recently announced as 175 thousand, above the market's expectation of 238 thousand, triggered a rise of $ 750 in Bitcoin. With this statement, US non-farm employment data came below expectations for the first time in 5 months.

Additionally, the US unemployment rate was announced as 3.9%, above expectations of 3.8%.

Bitcoin, which dropped to $59,100 before the announcement, rose to $59,850 and Ethereum (ETH) rose to $3,005.

The downward movement of data expressing the change in working people outside the agricultural industry in April will trigger a decrease in the value of the dollar. In this case, a decrease in the dollar index (DXY), which moves in reverse correlation with Bitcoin, will have a positive impact on the cryptocurrency market.

Following the announced data, the dollar index accelerated downwards and fell to 104.5 levels. In line with these data, it has become a matter of curiosity what kind of policy the US Federal Reserve (FED) will follow with the inflation data to be announced on the 15th of the month.

According to CoinGecko data, Bitcoin is traded at $ 59,950 at the time of writing.

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