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Crypto

Weak Jobs Report Sparks Unexpected Rally for Bitcoin and Gold

Guavy AI Editorial Team
Instruments
BTC
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The US labor market added just 29,000 jobs in September, far short of the 90,000 economists had expected. The unemployment rate rose to 4.2%, surpassing forecasts of a 4.1% rate.

Despite the disappointing job numbers, both Bitcoin and gold saw significant price jumps within minutes of the report's release. Gold climbed from about $4,178 an ounce to $4,227, while Bitcoin rose from around $86,450 to nearly $87,230.

Crypto traders who had bet against Bitcoin were particularly affected, with over $27.5 million in losses incurred within the hour after the report's release.

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