Crypto
US Jobs Report Sends Rate Hike Expectations Plummeting
The US jobs report has been released, and it's a major surprise. The economy added just 29,000 jobs in September, far below the expected 90,000 new positions.
This unexpected data has put a significant dent in expectations for another Federal Reserve rate hike this month.
As a result, Bitcoin surged back above the $87,000 level on Friday, with its price jumping from around $86,000 to an intraday high near $87,250, according to CoinGecko data.
The weaker-than-expected jobs report has cooled rate hike expectations, which could be bullish for Bitcoin. The Fed's focus on reaching the 2% inflation target remains, but the probability of an October hike is now just 20%, down from earlier this week.