{"id":39506,"date":"2022-11-04T10:44:20","date_gmt":"2022-11-04T14:44:20","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=39506"},"modified":"2022-11-13T14:40:27","modified_gmt":"2022-11-13T18:40:27","slug":"prices-of-bitcoin-ethereum-increase-after-us-october-jobs-data","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/prices-of-bitcoin-ethereum-increase-after-us-october-jobs-data\/","title":{"rendered":"Prices Of Bitcoin, Ethereum Increase After US October Jobs Data"},"content":{"rendered":"\n
After the US unemployment rate increased to 3.7%, cryptocurrency prices<\/a>, including Bitcoin (BTC) and Ethereum (ETH), started to rise again.<\/h5>\n\n\n\n
\"Prices
Prices Of Bitcoin, Ethereum Increase After US October Jobs Data<\/figcaption><\/figure>\n\n\n\n

When the U.S. Bureau of Labor Statistics released its non-farm payroll data for October<\/a>, 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.<\/p>\n\n\n\n

The US Jobs Data for October<\/h2>\n\n\n\n

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. <\/p>\n\n\n\n

The U.S. Bureau of Labor Statistics reports that manufacturing, professional and technical services, and health care all had increases in employment.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

Furthermore, according to U.S. stock market\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> 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.<\/p>\n\n\n\n

Crypto and Bitcoin Prices Recover After Jobs Report<\/h2>\n\n\n\n

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 <\/a>(SOL), and other alternative coins experienced gains of above 5%.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

Famous cryptocurrency expert Michael van de Poppe predicted that altcoins<\/a> are poised for a significant rise and that long for Bitcoin around $20.4K was triggered. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":43,"featured_media":39508,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[76,81,89],"tags":[5371,776,128],"class_list":["post-39506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-price","category-altcoin-news","category-ether-price","tag-bitcoin-2","tag-crypto-market","tag-ethereum"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/11\/jpg_20221104_151639_0000.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/39506","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=39506"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/39506\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/39508"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=39506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=39506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=39506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}