The US non-farm payroll (NFP) report for December came in at 151,000, falling short of the 159,000 expectation. The unemployment rate also came in lower than expected at 4%. These figures triggered immediate market reactions.
Before the announcement, Bitcoin was trading at $88,200, but following the release, it surged to $90,000. Ethereum also gained momentum, surpassing the $2,225 level. This suggests that investors reacted to the weak employment data in favor of cryptocurrencies.
Meanwhile, the US dollar index initially dipped after the announcement but later recovered to 103.7. Since the dollar index typically moves inversely to Bitcoin, this fluctuation could contribute to further market volatility in the coming hours.
Following this report, investors are now focused on the Federal Reserve’s interest rate decision set for March 19. How the Fed interprets these employment figures and whether it adjusts its monetary policy will be crucial for market direction.
