The U.S. labor market delivered a surprise on Friday, with Non-Farm Payrolls (NFP) for April coming in at 177,000 — surpassing expectations of 130,000, though falling short of the 185,000 consensus.
Meanwhile, the unemployment rate held steady at 4.2%, in line with forecasts and unchanged from the previous month.
Markets responded swiftly. U.S. stock futures surged, with the S&P 500 rising 1.13% in premarket trading. The upbeat data suggests the U.S. economy remains resilient, easing concerns about a deeper slowdown and raising speculation over the Federal Reserve’s next move on interest rates.
Bitcoin also reacted positively to the news. The flagship cryptocurrency climbed back to $97,106 in the following 30 minutes after the news. Market capitalization hit $1.92 trillion, while the daily trading volume hovered just under $30 billion. The rebound aligns with renewed investor optimism across risk assets as economic data tempers fears of an immediate recession.
With circulating supply nearing its 21 million BTC cap — now at 19.85 million — Bitcoin’s scarcity narrative may continue to fuel upward momentum, particularly if broader macro conditions remain favorable heading into May.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/us-payroll-data-is-out-heres-how-bitcoin-reacted/