Bitcoin dipped from $76,000 to $75,200 after the US October jobs report beat expectations, then erased almost all losses. The economy added 165,000 jobs against forecasts of around 59,000. The asset has reacted intensely to recent jobs reports.
Bitcoin moved sharply after the US October jobs report landed well above forecasts. The US economy added 165,000 jobs in October, while expectations were around 59,000, according to CNBC.
Bitcoin dips to $75,200, then recovers
BTC dropped from $76,000 to $75,200 right after the release, before erasing almost all of those losses. Yesterday, the asset went from $81,000 to a multi-month low of $75,100 after the post-election rally, then recovered slightly to $76,000.
Unemployment falls and September is revised up
The unemployment rate fell to 4.1%, below expectations of 4.2%. In addition, September's figure was revised higher by 31,000 jobs.
A stronger-than-expected reading is typically bearish for risk-on assets because it shows the US Federal Reserve can maintain tighter monetary policy without breaking the economy.
Jobs reports have moved bitcoin before
Bitcoin's reaction to jobs reports has been intense in recent months. It tanked after the August reading but jumped after the September report.
Before the release, ZipRecruiter labor economist Nicole Bachaud said the US would not need to add many jobs in the long term, because fewer people are available to work. According to CNBC, Bachaud added: "An aging workforce is pushing a lot of people into retirement."
Source: CryptoPotato
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