After an initial dip of about $200, bitcoin (BTC) has bounced to its pre-report level, currently trading at $20,700. While the headline 261,000 jobs growth suggests the U.S. Federal Reserve has plenty more to do to battle inflation, at least one economist – Dartmouth Professor Danny Blanchflower – takes note of the rising unemployment rate and a sizable decline in the household survey of 325,000 jobs. “We are now in a position … to expect the Fed to go into full reverse gear as the labor market is set to crash,” he tweeted. “Rate cuts are coming,” he added.
Source: https://www.coindesk.com/markets/2022/11/04/october-payroll-report-showed-slowdown-in-job-vacancies-bitcoin/?utm_medium=referral&utm_source=rss&utm_campaign=headlines