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Quick Take

The latest U.S. jobs data reflected a perceptible deviation from consensus expectations, leading to subtle reverberations in the crypto market.

The unemployment rate for October was anticipated to hold steady at 3.8%, mirroring August’s figures. However, it registered a slight uptick to 3.9%. Concurrently, non-farm payroll data, projected to mimic the unemployment rate at 3.8%, significantly underperformed, with a mere 150,000 payrolls added.

Higher unemployment and lower payroll figures indicated an unforeseen softening in the labor market’s progress.

Interestingly, against this backdrop, Bitcoin demonstrated a marginal positive response. Despite the less-than-robust economic indicators, the premier cryptocurrency remained above the $34,000 mark.

Following the release of the jobs report, projections for the upcoming Federal Reserve meeting, scheduled for Dec. 13, now indicate a 10% likelihood of a 25 basis points rate hike. If implemented, this adjustment would elevate the federal funds rate to a range of 5.50 – 5.75%.

The post Bitcoin holds above $34K despite surprise uptick in US unemployment appeared first on CryptoSlate.

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