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<h2 id="header-0">Following the release of September&#39;s non-farm payroll figures by the U.S. Bureau of Labor Statistics, the price of Bitcoin (BTC) fell by more than 4%.</h2><p>In September, the unemployment rate in the United States dropped to 3.5% from the projected 3.7%. In addition, the likelihood of a 75 basis point Fed rate increase in November has increased from a previous figure of 75% to over 80%.</p><h2 id="header-1">Following the US jobs data, the price of bitcoin drops</h2><p>The September non-farm payroll figures for the United States are better than anticipated. Compared to market forecasts of 3.7%, which were the same as the July report, the jobless rate decreased to 3.5%. Additionally, in August, the jobless rate was 3.7%.</p><p>In September, there were 5.75 million unemployed people, a 261k decrease from August. However, there were 204k more individuals working, bringing the total to 158.9 million.</p><p>As a result of the Federal Reserve&#39;s aggressive posture, the cryptocurrency and stock markets crashed. Within minutes, the price of bitcoin dropped sharply from $20,020 to $19,592. At the time of writing, the price of one bitcoin is $19,640, according to CoinGabbar.</p><p>Additionally, the price of Ethereum fell by nearly 3% from $1,356 to a low of $1,329. At this time, the price of ETH is $1,337. After the U.S. jobs report, other cryptocurrencies also decreased.</p><p>The S and P 500, Nasdaq 100, and Dow Jones stock market indices all decreased by more than 1% before the market opened. Following the release of the U.S. jobs report, the U.S. dollar index (DXY) also climbed to a high of 112.83, putting pressure on the prices of cryptocurrencies and stocks.</p><h2 id="header-2">Jumps in 75 Bps Rate Probability</h2><p>The Fed will take a hawkish posture toward the rate hike in November as a result of the increase in payrolls in September. Many experts are worried that the Fed&#39;s aggressive posture would cause the US economy to enter a recession. The Fed pledges, however, to keep inflation within predetermined bounds.</p><p>The recession, rather than inflation, poses the greatest threat, according to economist Jeremy Siegel. With regard to its monetary policy, the Federal Reserve is being unduly aggressive.</p><p>The likelihood of a 75 bps rate increase in November has increased from 75.2% to 81.6%, according to CME FedWatch Tool. Moreover, the likelihood of a rate increase of 50 basis points in December is 63.3%.</p>

Bitcoin Drops As Chance Of 75 Bps Fed Rate Increase

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