US economy sees whopping 254,000 jobs increase, Bitcoin (#BTC☀ ) barely noticed optimistic report
The U.S. Bureau of Labor Statistics comes with a "super-bullish" employment report ahead of the U.S. election: business added a stunning 250,000 jobs in September. However, even this surprisingly positive report failed to trigger a #Bitcoin❗ (BTC) upsurge.
U.S. adding whopping 250,000 jobs, Bitcoin ($BTC
) fails to spike
In September 2024, U.S. unemployment rates dropped to 4.1% from 4.2% in August, today's report says. American businesses managed to add 250,000 jobs, which is also higher than during previous months. This report is a major positive macro trigger for U.S.-related indexes.
September jobs report: US economy adds 254,000 jobs vs. 150,000 expected pic.twitter.com/fUZvzx8tuK
— Yahoo Finance (@YahooFinance) October 4, 2024
In August, employers posted 159,000 new jobs, while in July, they added 144,000 positions. September's robust report says that U.S. economy handled the aftermath of a devastating Hurricane Helene.
Bitcoin (BTC), the largest cryptocurrency, failed to properly react to such an impressive report. Right after its release, the BTC price jumped from $61,292 to $62,000 but lost steam fast.
As of now, #bitcoin☀️ (BTC) has dipped to $61,000 and is almost ready to slip below yesterday's level. Ethereum ($ETH
), the second-largest cryptocurrency, lost 1.3% in the previous hour.
The S&P 500 added 0.17% at market opening, while the NASDAQ 100 is up by 0.47%, both impressed by extremely optimistic payroll data.
Short-term rally on horizon for BTC?
In the meantime, #CryptocurrencyMarkets are struggling to get out of prolonged recession caused by global macro uncertainty. The net capitalization of crypto markets added 2.1% today.
Bitcoin (BTC), the largest cryptocurrency, is treated positively by analysts in the short term. As covered by @WISE MOONBIX previously, the Coinbase Premium ratio formed a bullish "golden cross" on short time frames.
CryptoQuant analysts interpreted this trend as a signal of strength of U.S. investors and, therefore, an upside for Bitcoin's (BTC) price.
