September of the U.S. Bureau of Labor Statistics non-farm employment data after the statement Bitcoin (BTC) The price lost more than 4%.
The unemployment rate in the US fell to 3.5% in September, below the expected 3.7%. Also, in November 75 bases one point FED The probability of a rate hike has increased to over 80% from the previous 75%.
Bitcoin (BTC) Price Drops Following US Employment Data
US nonfarm payrolls data for September came in better than expected. Unemployment rate fell to 3.5%, below the market expectation of 3.7% and was at the same level as July data. In August, the unemployment rate was 3.7%.
In addition, the number of unemployed decreased by 261 thousand in September and fell to 5 million 750 thousand. The number of employed persons increased by 204 thousand to 158.9 million.
As a result, the crypto and equity market has been on the decline due to the hawkish stance of the Central Bank. Bitcoin price fell sharply from $20,060 to $19,330 within minutes.
Ethereum The price also fell more than 3% from $1,356 to $1,319. Ethereum (ETH) The price is currently trading at $1,322. Other cryptocurrency units also fell after US jobs data.
Probability of 75 Bp Rate Increase Rising
The increase in employment in September may cause the FED to take a hawkish stance regarding the rate hike in November.
Many experts are concerned that the Fed’s hawkish stance could push the US economy into recession. However, the Fed aims to keep inflation within standard limits.
It is not investment advice.
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