The US economy added 150,000 jobs in October, coming in below market expectations of 180,000. As the job market cools, the NFP data is likely to drive upside volatility in Bitcoin and altcoins. BTC price is hovering around $34,500 at the time of writing. The economy added 150,000 jobs, 30,000 below the market participants’ expectations. The US Federal Reserve takes NFP data as input for its decision to hike interest rates or keep them higher for longer.
The Federal Reserve scrutinizes jobs and inflation data to determine the need for an interest rate hike, therefore NFP is key to the central bank’s decision as well. Higher interest rates make borrowing expensive, and this has a negative impact on assets like Bitcoin, where traders use leverage for gains. NFP data therefore tends to induce volatility in Bitcoin and cryptocurrency prices. Still, the impact may be short-lived.
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Source: CoinDesk - 🏆 291. / 63 Read more »