Bitcoin, Ethereum Prices Rally After US October Jobs Data

Bitcoin price soars over 4% after the U.S. Bureau of Labor Statistics released non-farm payroll data for October. The unemployment rate increased to 3.7% against the expected 3.6% in October. Moreover, the U.S. Dollar Index (DXY), which was already declining in the early hours, dropped further to 111.50.

The US Jobs Data for October

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

The unemployment rate in the U.S. increased by 0.2 percentage points to 3.7% in October 2022, up from September’s 29-month low of 3.5%. The number of unemployed persons rises 306K to 6.1 million, suggesting a tighter labor market in recent months.

The U.S. Dollar Index (DXY) fell to 111.50 after the October jobs data. Moreover, the U.S. stock market futures indicate an over 1% jump in S&P 500, Dow Jones, and Nasdaq 100.

The CME FedWatch Tool data indicates a 47.2% probability of a 50 bps hike and a 52.8% probability of a 75 bps hike in December. The probability of a 50 bps hike was 51.5% yesterday.

Crypto and Bitcoin Prices Recover After Jobs Report

Crypto market recovers after the U.S. October jobs data. Bitcoin and Ethereum prices soared nearly 4% and 5%, respectively. Other altcoins including BNB, XRP, Cardano (ADA), Solana (SOL), and others rallied over 5%.

Polygon (MATIC) records over 4% gain after the jobs report. MATIC price soars 24% in the last 24 hours, with the current price trading at $1.16. Memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) also witnessed massive recovery.

Bitcoin (BTC) price is trading at $20,775. The 24-hour low and high for BTC are $20,121 and $20,849, respectively. Notable crypto analyst Michael van de Poppe said long for Bitcoin at $20.4K was triggered, and altcoins are ready for a massive rally. He also predicted that anything above a 3.6% unemployment rate will bring down DXY and push Bitcoin prices to rally further.

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

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.