Altcoin News by Thebittimes.Com

The Bitcoin price is rising during the European session, breaching the descending triangle pattern at $20,400. Recalling the Asian session's Bitcoin price prediction, the market was waiting for non-farm payrolls and the unemployment rate in the United States to determine further price action .  A day after the Federal Reserve announced another rate hike, the government released its final jobs report before the midterm elections, showing that the unemployment rate had remained unchanged at 3.7%. Let's take a closer look. US Non-farm Payroll & Unemployment Rate  US Non-farm Payroll:  According to the US  Bureau of Labor Statistics , more than twice as many jobs were added to the US economy in October 2022, with 261,000 new positions created. This is the lowest reading since December 2020, but data nevertheless hint at a robust, if sluggish, labor market as worker shortages continue to bite.  US NFP - Source: US Bureau of Labor Statistics ...

Join Our Telegram channel to stay up to date on breaking news coverage Although the 263,000 jobs added by U.S. companies in September were slightly higher than predicted, they nonetheless show a declining labor market As the over expected result provides the Federal Reserve less room to choose for a slower rate rise at the next monetary policy meeting in October, Bitcoin (BTC) dropped by approximately 2% after the report was released by the Bureau of Labor Statistics. Prices of risky assets like stocks and cryptocurrencies may have been protected from further declines if the Fed had eased policy somewhat. The job data indicates that hiring has slowed down significantly since August, when the United States acquired 315,000 positions; nonetheless, it may still generate alarm for central bankers who are hoping to relieve an extremely tight labor market for rest of the year. According to Paul Craig, portfolio manager at Quilter Investors, it is now “obvious” that we ...