Recent US employment data indicates a modest increase in non-farm payrolls, which rose by only 12,000 in October, significantly lower than the expected 110,000.
Meanwhile, the unemployment rate remained unchanged at 4.1%, aligning with market predictions. Average hourly earnings also saw a 0.4% increase, with a year-over-year rise of 4%.
This employment report has fueled optimism among investors, suggesting a potential rate cut by the Federal Reserve in November. The current job figures typically lead to a more cautious approach from the central bank, which may pave the way for a rate reduction next month.
The job data has also boosted expectations for a rally in financial markets, particularly in the cryptocurrency sector, with hopes for a rebound in Bitcoin and altcoins. Following the report, the US 10-year bond yield fell by over 1%, and the US Dollar Index declined by 0.25%. These trends usually favor digital assets.
Despite earlier predictions of a stable rate approach, the market is now heavily betting on a 25 basis point cut at the Federal Reserve’s meeting on November 7, with a similar expectation for December. Additionally, the upcoming US elections may further influence cryptocurrency prices, leading analysts to anticipate a positive trend for the market in the near future.
According to new data shared by Bitcoin Magazine Pro, publicly traded companies now collectively hold over 844,822 BTC, valued at more than $100.5 billion, marking a historic milestone for institutional Bitcoin adoption.
Trump Media and Technology Group, the parent company of Truth Social, Truth+, and Truth.Fi, has officially disclosed that it now holds approximately $2 billion in Bitcoin and Bitcoin-related securities.
Michael Saylor’s Strategy has confirmed another major Bitcoin purchase, acquiring 6,220 BTC last week for approximately $739.8 million.
Bitcoin’s derivatives market is heating up, with open interest climbing back to $42 billion while funding rates continue to surge.