Bitcoin, Ethereum Prices Rally After US October Jobs Data

Following the U.S.’s announcement of an unemployment rate increase to 3.7%, prices for Bitcoin and Ethereum begin to rise again.

Following the U.S. Bureau of Labor Statistics releasing non-farm payroll data for October, Bitcoin price increased by over 4%. The unemployment rate unexpectedly rose to 3.7% rather than continuing at the predicted 3.6%. Additionally, the already weakened U.S. Dollar Index fell even lower to 111 50 points upon this news release.

In October, the total non-farm payroll data increased by 261,000 against estimated 200,000. The unemployment rate also went up to 3.7%. According to the U.S. Bureau of Labor Statistics, job gains were seen in health care, professional and technical services, and manufacturing sectors.

In October 2022, the unemployment rate in America increased by 0.2 percentage points to 3.7%. The number of unemployed people spiked up 306k to 6.1 million total, evidence of a tighter labor market recently.

After the release of the October jobs data, the U.S. Dollar Index (DXY) fell to 111.50. In addition, stock market futures for the S&P 500, Dow Jones, and Nasdaq 100 are all up by over 1%.

According to the CME FedWatch Tool, there is a 47.2% chance of a 50 bps hike and 52.8 % probability of 75 bps hike in December–a decrease from 51.5% yesterday.

Following the U.S.’s October jobs data, the crypto industry is thriving once again. Prices for Bitcoin and Ethereum shot up by 4% and 5%. Additional altcoins such as BNB, XRP, Cardano (ADA), Solana (SOL), etc., increased over 5%.

Polygon (MATIC) spikes 4% after jobs report. MATIC surges 24% in the last day, now trading at $1.16. Memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) follow suit with massive recoveries of their own.

24-hour low and high for BTC are $20,121 and $20,849 respectively. Michael van de Poppe said that a long for Bitcoin at $20.4K was triggered and altcoins are ready for a massive rally. A DXY drop because of an unemployment rate higher than 3.6% will result in additional gains in BTC price according to the analyst’s predictions.

As per previous report, Bitcoin has already bottomed as the stablecoins flow has increased in recent weeks.