Bitcoin price rises as October US jobs report comes out
The level of price volatility in Bitcoin and the crypto market is sometimes very discouraging. Many cryptos in 2022 have continuously lost value, while others are registering more pullbacks than rallies. This situation has been the market’s trajectory since the start of inflationary growth.
Currently, bad news in the macroeconomic environment can affect crypto prices. For example, the release of inflation data usually leads to a price crash. That’s why the general market usually dreads the days when the Feds make their announcements.
Latest US data affects crypto prices
As usual, a new report on US jobs data has also affected crypto prices. But this time, the market witnessed price increases in many cryptocurrencies.
Data released in the US concern unemployment. According to the United States Bureau of Labor Statistics, unemployment in the country rose to 3.7%. Total non-farm payrolls increased by 261,000 last month, while the estimate was 200,000.
The percentage increase in US unemployment data was 0.2%, pushing the total to 3.7% in October, while September data showed 3.5%. This increase led to 6.1 million out of work.
The non-farm wage figure also rose by 261,000 in October, while the estimate was 200,000. The report also showed that those who got work were in technical, healthcare, manufacturing and professional services. According to analysts, these figures showed that the US labor market was tighter in recent months.
US Dollar Index data fell to 112.22 after the October jobs data release. Stock futures also show a rise of more than 1% in the S&P 500, Nasdaq 100 and Dow Jones.
The next section is CME FedWatch Tool data. According to the report, there is a 47% probability that the Feds will release a 50 basis point rate hike in December. There is also a 52% probability of an interest rate increase of 75 basis points.
How Bitcoin and others are responding
After the October US jobs data was published, the crypto market recorded interesting price gains. BTC immediately rose close to 4%, while ETH rose by 5%. Currently, the price of Bitcoin is $21,332, showing an increase in 24 hours.
The number one crypto has tested the $21K mark today and it continues to rise. Ethereum has also grown by 7.14%, reaching over $1600 in 24 hours. Others, including BNB and XRP, have gained 8.82% and 9.4% respectively.
Other altcoins, such as Cardano, Solana, Polkadot, Shiba Inu, UNI, Avalanche, etc., have registered more than 5% growth at press time. Even Litcoin LTC has grown by 9.69% in 24 hours. But among all, the biggest gainer right now is Polygon MATIC, with a price gain of 22.54% in 24 hours.
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