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.
Bitcoin giant Strategy has added another 4,980 BTC to its reserves in a purchase worth approximately $531.9 million, according to Executive Chairman Michael Saylor.
According to renowned market veteran Peter Brandt, trading isn’t the path to prosperity for the vast majority of people.
Charles Edwards, founder and CEO of Capriole Investments, has offered a fresh perspective on Bitcoin’s stalled price movement near the $100,000 mark, despite growing institutional enthusiasm.
Metaplanet has expanded its Bitcoin treasury with a new acquisition of 1,005 BTC valued at approximately $108.1 million, further cementing its status as one of the largest corporate holders of the digital asset.