$BTC #nfpwatch
Friday's jobs report came in well below expectations. The US economy added just 29,000 jobs in September, against a forecast of 90,000. Unemployment rose to 4.2% from 4.1%. On top of that, August got revised down to 133,000 from 162,000, and July was revised all the way into negative territory, a loss of 10,000 jobs.
Markets read this as a clear "the economy is cooling, the Fed probably won't hike" signal. Odds for an October 28 rate hike dropped from over 70% earlier in the week down to around 18-25%. Bitcoin reacted fast, briefly clearing $87,000 right after the release, close to a new multi-month high before resistance held it back.
Then came the twist, BTC gave most of that back and settled closer to $85,300. Right now it's trading around $85,400, after a daily range of $84,068 to $87,086. Gold also jumped more than 1% on the same news.
Worth keeping in mind, a reaction that unwinds the same day it happens doesn't tell you much about the week ahead.
Friday's jobs report came in well below expectations. The US economy added just 29,000 jobs in September, against a forecast of 90,000. Unemployment rose to 4.2% from 4.1%. On top of that, August got revised down to 133,000 from 162,000, and July was revised all the way into negative territory, a loss of 10,000 jobs.
Markets read this as a clear "the economy is cooling, the Fed probably won't hike" signal. Odds for an October 28 rate hike dropped from over 70% earlier in the week down to around 18-25%. Bitcoin reacted fast, briefly clearing $87,000 right after the release, close to a new multi-month high before resistance held it back.
Then came the twist, BTC gave most of that back and settled closer to $85,300. Right now it's trading around $85,400, after a daily range of $84,068 to $87,086. Gold also jumped more than 1% on the same news.
Worth keeping in mind, a reaction that unwinds the same day it happens doesn't tell you much about the week ahead.
