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Bitcoin (BTC) Dips Lower on Extremely Strong Jobs Report

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Fri, 3/02/2023 - 14:23
Bitcoin (BTC) Dips Lower on Extremely Strong Jobs Report
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Bitcoin, the world's largest cryptocurrency, slipped lower following the release of a bombshell jobs report by the U.S. Bureau of Labor Statistics. 

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The U.S. economy managed to add an astonishing 517,000 new jobs last month, which is more than double what was predicted by analysts. 

The unemployment rate now stands at a 50-year low of 3.4%.

It is worth noting that economists predicted 188,000 new jobs and a 3.6% unemployment rate.

Bitcoin declined together with U.S. equity futures. The tech-heavy Nasdaq 100 is down more than 2%.

Risk assets dipped lower since investors now expect the Federal Reserve to continue hiking interest rates to battle inflation.

As reported by U.Today, the Fed recently hiked the benchmark interest rate by a quarter percentage basis point, with Chairman Jerome Powell signaling that there would be no dovish pivot.

While the recent jobs report might disappoint the Fed, which has been trying to cool the labor market with several consecutive rate hikes, it is a win for the Biden administration since the exceptionally strong labor market has put a major dent in the recession narrative:

"President Biden and Congressional Democrats' relentless focus on economic policies that put American workers and families first continues to pay off," U.S. Representative Brendan Boyle commented on the stronger-than-expected numbers. 

At press time, Bitcoin is hovering above the $23,000 mark on major spot exchanges. 

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