The payroll and job reports from the world’s largest economy were slightly above expectations for September.
However, BTC reacted with a sharp price decline, as it typically happens when the US publishes any sort of data lately.
- Although the numbers for September are below August and the average for 2022, the States added 263,000 new jobs during the month, and the unemployment rate decreased to 3.5%, said the Bureau of Labor Statistics.
- These figures are slightly above expectations, especially given the aggressive interest rate hike by the nation’s central bank following the record-setting inflation.
- Nevertheless, the wages couldn’t keep up with the inflation – 5% for the former and 8.3% for the latter.
- Although the numbers are generally better than expected, most markets reacted with immediate price declines, including bitcoin.
- The primary cryptocurrency took a sharp dive from over $20,000 to just north of $19,000. While this may sound contradictive in nature, Tree of Alpha – a popular crypto analyst – took it to Twitter to explain why that might is.
- The strategist believes the higher numbers of jobs added (NFP), lower unemployment, and higher wages could be bad for crypto as well as equities and vice-versa. He also added: