After the US unemployment rate increased to 3.7%, cryptocurrency prices, including Bitcoin (BTC) and Ethereum (ETH), started to rise again.
When the U.S. Bureau of Labor Statistics released its non-farm payroll data for October, the price of bitcoin increased by more than 4%. In contrast to the forecasted 3.6% increase in unemployment in October, the rate rose to 3.7%. Additionally, the U.S. Dollar Index (DXY), which had been falling since the early hours, fell even more to 111.50.
The US Jobs Data for October
Compared to an estimate of 200,000, the total number of non-farm payrolls climbed by 261,000 in October. The unemployment rate rose to 3.7% as well.
The U.S. Bureau of Labor Statistics reports that manufacturing, professional and technical services, and health care all had increases in employment.
In October 2022, the unemployment rate in the United States rose from its 29-month low of 3.5% to 3.7%, an increase of 0.2 percentage points.
The increase in unemployment from 6.1 million to 306K indicates a recent tightening of the labor market. After the release of the October jobs report, the U.S. Dollar Index (DXY) decreased to 111.50.
Furthermore, according to U.S. stock market futures, the S&P 500, Dow Jones, and Nasdaq 100 will increase by more than 1%.The CME FedWatch Tool data shows that there is a 52.8% chance of a 75 bps hike in December and a 47.2% chance of a 50 bps hike. Yesterday, 51.5% of the time, a 50 bps increase was expected.
Crypto and Bitcoin Prices Recover After Jobs Report
After the U.S. October jobs report, the cryptocurrency market bounces back. Prices for Bitcoin and Ethereum increased by almost 4% and 5%, respectively. BNB, XRP, Cardano (ADA), Solana (SOL), and other alternative coins experienced gains of above 5%.
After the jobs report, Polygon (MATIC) registers a gain of more than 4%. The price of MATIC has increased by 24% in the last day, trading at $1.16 at the moment. Shiba Inu (SHIB) and Dogecoin (DOGE), two memecoins, also experienced a significant rebound.
The current price of one bitcoin (BTC) is $20,775. BTC’s low and high points during the past 24 hours have been $20,121 and $20,849.
Famous cryptocurrency expert Michael van de Poppe predicted that altcoins are poised for a significant rise and that long for Bitcoin around $20.4K was triggered.
Additionally, he projected that anything beyond a 3.6% unemployment rate will lower the DXY and cause the price of bitcoin to rise even higher.
According to a previous assessment from CoinGape, Bitcoin has already reached its bottom as a result of the current rise in the flow of stablecoins.
