Bitcoin holds above $34K despite surprise uptick in US unemployment

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Quick Take

The latest U.S. jobs data reflected a perceptible deviation from consensus expectations, leading to subtle reverberations in the crypto market.

The unemployment rate for October was anticipated to hold steady at 3.8%, mirroring August’s figures. However, it registered a slight uptick to 3.9%. Concurrently, non-farm payroll data, projected to mimic the unemployment rate at 3.8%, significantly underperformed, with a mere 150,000 payrolls added.

Higher unemployment and lower payroll figures indicated an unforeseen softening in the labor market’s progress.

Interestingly, against this backdrop, Bitcoin demonstrated a marginal positive response. Despite the less-than-robust economic indicators, the premier cryptocurrency remained above the $34,000 mark.

Date
Time
Country
Indicator
Actual
Previous
Consensus

Friday, November 03, 2023
12:30 PM
US
Non-Farm Payrolls OCT
150K
297K
180K

Friday, November 03, 2023
12:30 PM
US
Unemployment Rate OCT
3.9%
3.8%
3.8%

The post Bitcoin holds above $34K despite surprise uptick in US unemployment appeared first on CryptoSlate.

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