The price of #Bitcoin bounced back Friday following stronger-than-expected jobs data in the U.S., which could potentially compel the Federal Reserve to delay cutting interest rates.
The Labor Department said that the unemployment rate increased slightly to 4% in May, but that job growth had also accelerated amid the most restrictive interest rates in more than 20 years. Economists forecast that employers would add 180,000 nonfarm payroll positions, but the report indicated that 272,000 jobs were added to the U.S. economy last month.
Immediately following the report’s release, Bitcoin dipped to $70,700 from around $71,800, according to CoinGecko data. However, the asset’s price has edged up to $71,050, as of this writing, showing a minor 0.4% decline over the past 24 hours.
Federal Reserve Chairman Jerome Powell said earlier this month that inflation had come down substantially from a multi-decade high in 2022, despite the strength of the labor market. Previously, policymakers believed some softening there may be necessary to bring inflation down to their target of 2%, with lower job demand easing upward pressure on wages.