Bitcoin sinks as US payroll data shows 263,000 new jobs added in September
Published by the U.S. Bureau of Labor Statistics (BLS) Payroll data for the non-farm sector It shows an increase of 263,000 jobs in September.
The US unemployment rate is currently at 3.5%, below the expected 3.7%.
Bitcoin fell 1% in the 15-minute candlestick and bottomed out at $19,800 after the data was released. It has continued to sell since then.
Bloomberg expects Fed to pause rate hikes at 4-4.5%
Chief Economist and Head of Global Economic Research Bruce Kassman said: bloomberg news On Oct. 3, he said he feared the Fed would continue to put pressure on him to push forward with its rate hike program as the job market was booming.
“I think we’re going to put the Fed on hold [rate hikes], over the next two to three months, employment growth should slow down to at least 100,000 per month. “
Kasman said a moratorium on interest rates between 4% and 4.5% would make sense. But he feared the Fed could continue to raise rates beyond his expectations until the job market cools sufficiently.
Following the third rate hike of 75 basis points, Current Federal Reserve interest rates are currently 3% to 3.25%.
bitcoin down
Heading into the BLS release, Bitcoin has been trending upwards from its daily low of $19,830, peaking at $20,500 just minutes before the salary announcement.
At 12:30 (UTC), BTC dropped sharply, giving up all today’s gains. The major cryptocurrency has since fallen further, dropping to $19,660 at press time.
Experts are currently 81% A further 75 basis points of rate hikes are possible following the next FOMC meeting scheduled for November 2nd.
