The US beat the expectations in terms of new nonfarm jobs reaching 261,000 such positions in October, rather than the estimated 205,000.
Bitcoin reacted with immediate price fluctuations, dropping by a few hundred dollars before shooting up to a five-day high.
- Crypto Potato warned recently that there’re four major events coming at the start of November that could bring enhanced volatility to the crypto markets.
- The first – FOMC meeting – took place on Wednesday and the Federal Reserve increased the key interest rates by 75 basis points – exactly as expected. Nevertheless, this sent BTC on a $1,000 rollercoaster that resulted in almost breaking below $20,000.
- Earlier today, the world’s largest economy posted the results for nonfarm jobs in October, beating the estimations.
- However, the unemployment rate also increased to 3.7%, and the broader jobless measure jumped to 6.8%.
- Bitcoin’s price first dropped from $20,700 to $20,400 before surging to $20,900 (on Bitstamp). This became the asset’s highest price tag since last Sunday.
- With the midterm elections right around the corner, bitcoin could be headed for another volatile week soon.