Bitcoin Remains Stable Amid U.S Unemployment Rate Hits 3.9%

• The increase from 3.8% in September to 3.9% in October was more than expected.
• At the time of writing, Bitcoin is trading at $34,702, up 0.46% in the last 24 hours.

Recent drops in interest rates have been felt across the board in the United States yield curve as investors bet the Federal Reserve has completed its policy tightening.

In October, the United States created 150,000 jobs, which was lower than the 180,000 predicted by economists and the 297,000 added in September. The increase from 3.8% in September to 3.9% in October was more than expected.

Downward adjustments to employment increases in August and September added up to 101,000, compounding the headline shortfall.

Overall Recovery

Examining more report specifics, average hourly wages increased by 0.2% in October, falling short of September’s 0.3% and October’s 0.3% projections. Compared to projections of a 4.0% increase and September’s 4.3% gain, annual hourly earnings climbed 4.1%.

In only two weeks, the U.S. bond market has reversed course, going from panicked selling to the belief that this cycle of Federal Reserve rate rises is over. This has given investors the green light to resume adding fixed income to their portfolios.

Stocks have recovered from a downturn that began in late July, helped in large part by a decline in rates. Over the previous several trading sessions, both the S&P 500 and the Nasdaq have gained around 5%.

Although the current Bitcoin uptick has been ascribed to the possible approval of a spot ETF, unchanged interest rates appear to further favor bitcoin by reawakening investors’ appetite for risk. At the time of writing, Bitcoin is trading at $34,702, up 0.46% in the last 24 hours as per data from CoinMarketCap.

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