Bitcoin Price Reacts Immediately to Weaker-Than-Expected US Jobs Report

Key points

• US Bureau of Labor Statistics data showed 29,000 non-farm payrolls added, well below the 90,000 expected, with unemployment rising to 4.2% versus 4.1% forecast.
• Earnings came in softer than expected, at 0.1% month-over-month against 0.3% forecast and 3% year-over-year against 3.2% expected.
• Bitcoin rose by roughly a grand after the release, peaking at $87,250, while prediction market odds for a Fed pause rose to 85%.

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