Impact of US Non-Farm Payroll Data on Bitcoin
articlescoin.com - United States non-farm payroll (NFP) data for May 2024 showed an increase of 272,000 jobs, far exceeding market estimates of 182,000. The increase reflects the unexpected strength of the US labor market.
After the release of the NFP data, Bitcoin price fell from $71,985 to around $70,830. This decline was caused by market expectations that the Federal Reserve might tighten its monetary policy. In addition, the US dollar index (DXY) also rose, reaching 104.65, which also contributed to the decline in Bitcoin prices.
US non-farm payroll data has a major impact on financial markets, including Bitcoin. Investors need to pay attention to these data releases and consider the implications for their investment strategies.
