Crypto prices jump after US jobs report shows increase in both jobs and unemployment
A news agency says digital asset markets rallied at the end of the week on news that the US labor market is showing potential signs of recovery after a consensus pace of change in nonfarm payrolls.
Data from the Bureau of Labor Statistics (BLS) show that 261,000 jobs were added to the US economy in October, 61,000 higher than originally expected.
According to the BLS, notable job gains occurred in the health care, professional and technical services, and manufacturing sectors.
The increase in jobs, though better than expected, was well below 2022’s average monthly growth of 407,000 and 2021’s average monthly job gain of 562,000. The unemployment rate also rose 3.7 percent, 0.1 percent higher than forecast.
Crypto markets nevertheless rallied on Friday afternoon, with the total market capitalization of digital assets hitting the $1 trillion mark for the first time since mid-September. At the time of writing, the crypto has a market cap of $1.01 trillion, up 4.4% on the day.
Bitcoin (BTC) and much of the altcoin market posted significant gains, with BTC registering a 5.45% rally on the day. Meanwhile, Ethereum (ETH) is up 7.31% on the day at $1,652, continuing to outperform Bitcoin.
Some of the stronger altcoins rallying at the end of the week include Ethereum scaling solution Polygon (MATIC), oracle network Chainlink (LINK), decentralized finance (DeFi) protocol Aave (AAVE), and decentralized exchange Curve DAO (CRV).
The next upcoming piece of economic data that has historically had an impact on the crypto markets is the Consumer Price Index (CPI), which is scheduled for Thursday, November 10.
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