US Job Growth Beats Forecasts, Bitcoin Faces Pressure
The post US Job Growth Beats Forecasts, Bitcoin Faces Pressure appeared on BitcoinEthereumNews.com.
Despite predictions of 160,000, the actual rise in nonfarm payroll employment in December was 256,000. The US 10-year and 30-year bond rates reached their highest levels since November 2023. The most recent figures for nonfarm payrolls reveal that the US employment rate surged in December. At the same time, the unemployment rate was lower than anticipated. Bitcoin and the cryptocurrency market as a whole may be greatly affected by these macroeconomic statistics. Despite predictions of 160,000, the actual rise in nonfarm payroll employment in December was 256,000, according to figures from the Labor Department. The US employment statistics are looking good again, with a rise to 227,000 in November. All Eyes on Fed Unemployment fell to 4.1% in December, below expectations of 4.2% in November. Traders are already placing bets against the Federal Reserve cutting interest rates in the first half of the year, after the publication of this nonfarm payrolls data. Based on their analysis, market experts have concluded that the Federal Reserve will most likely wait until June to make a rate decrease this year. In particular, they anticipate that October will see the only reduction in interest rates for the year. Considering the potential impact of this macro data on investors’ perceptions of the BTC price, this development paints a negative picture. With three interest rate reductions in 2024, the prospect of only one this year is all the more disheartening. The US 10-year and 30-year bond rates reached their highest levels since November 2023 after the announcement of the nonfarm payrolls data. Bitcoin and the cryptocurrency industry as a whole are headed for a rough ride according to these macro statistics. In the midst of the robust US employment statistics announcement, the dollar has strengthened, as anticipated. The already substantial volatility in the cryptocurrency market today…
Filed under: News - @ January 10, 2025 9:25 pm