Bitcoin

Time

<h2 id="quick-take">Quick Take</h2> 
<p>The latest U.S. jobs data reflected a perceptible deviation from consensus expectations, leading to subtle reverberations in the crypto market.</p> 
<p>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.</p> 
<p>Higher unemployment and lower payroll figures indicated an unforeseen softening in the labor market’s progress.</p> 
<p>Interestingly, against this backdrop, <a href="http://cryptoslate.com/coins/bitcoin">Bitcoin</a> demonstrated a marginal positive response. Despite the less-than-robust economic indicators, the premier cryptocurrency remained above the $34,000 mark.</p> 
<table> 
 <thead> 
  <tr> 
   <th>Date</th> 
   <th>Time</th> 
   <th>Country</th> 
   <th>Indicator</th> 
   <th>Actual</th> 
   <th>Previous</th> 
   <th>Consensus</th> 
  </tr> 
 </thead> 
 <tbody> 
  <tr> 
   <td>Friday, November 03, 2023</td> 
   <td>12:30 PM</td> 
   <td>US</td> 
   <td>Non-Farm Payrolls OCT</td> 
   <td>150K</td> 
   <td>297K</td> 
   <td>180K</td> 
  </tr> 
  <tr> 
   <td>Friday, November 03, 2023</td> 
   <td>12:30 PM</td> 
   <td>US</td> 
   <td>Unemployment Rate OCT</td> 
   <td>3.9%</td> 
   <td>3.8%</td> 
   <td>3.8%</td> 
  </tr> 
 </tbody> 
</table> 
<p>Following the release of the jobs report, projections for the upcoming Federal Reserve meeting, scheduled for Dec. 13, now indicate a 10% likelihood of a 25 basis points rate hike. If implemented, this adjustment would elevate the federal funds rate to 5.50 – 5.75%.</p> 
<p>The post <a rel="nofollow" href="https://cryptoslate.com/insights/bitcoin-holds-above-34k-despite-surprise-uptick-in-us-unemployment/">Bitcoin holds above $34K despite surprise uptick in US unemployment</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.</p>

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

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