Jobs Report Miss Hits Bitcoin Hard, Traditional Markets Unfazed
On Friday, October 2, the US jobs report came out at 12:30 UTC, missing expectations with a 29,000 rise in payrolls against a predicted 90,000, a tick up in unemployment to 4.2 percent, and a 0.1 percent increase in hourly earnings against a forecast of 0.3 percent.
Bitcoin shot up to $87,242 in the next 15 minutes, its highest price since September 23, but quickly fell back to $84,476 by the end of the day, a 3.2 percent drop from its peak.
The traditional markets, however, were largely unaffected, with the DXY index barely moving, the VIX falling 0.56 points, and Nasdaq futures ending 0.2 percent higher.
One notable exception was the 10-year US Treasury yield, which dropped to 5.176 percent after the report, only to rise 11.8 basis points to 5.294 percent by the end of the day.