September Jobs Report Sparks Surprise Crypto Surge
The US nonfarm payrolls in September fell short of expectations, adding only 29,000 new jobs. This disappointing performance was met with a rapid surge in Bitcoin and gold prices.
The Bureau of Labor Statistics' release of the employment data sent shockwaves through the markets, with the unemployment rate rising to 4.2% (vs. an expected 4.1%). The labor force participation rate stood at 61.8%, but private-sector employment increased by only 46,000 (vs. an expected 81,000).
The Federal Reserve's rate hike in September and the 10-year U.S. Treasury yield hitting a 24-year high seemed to signal economic strength, but markets interpreted these developments as signs of economic slowdown.
Gold prices climbed from $4,178 to $4,227, while BTC jumped from $86,450 to a peak of $87,230, currently trading at $86,767, a 3.48% daily gain.