Claim BonusBitcoin Tumbles Hard After US Jobs Data, Probability Of 75 Bps Fed Rate Hike Jumps
Bitcoin price tumbled over 4% after the U.S. Bureau of Labor Statistics released non-farm payroll data for September. The U.S. unemployment rate fell to 3.5%, below the expected 3.7% in September. Moreover, the probability of a 75 bps Fed rate hike in November has jumped over 80% from an earlier value of 75%.
Bitcoin Price Falls After the U.S. Jobs Data
The U.S. non-farm payroll data for September comes in better than expected. The unemployment rate fell to 3.5%, below market expectations of 3.7%, the same as the July data. Also, the unemployment rate in August was 3.7%.
Moreover, the number of unemployed declined by 261k to 5.75 million in September. Whereas, the number of employed people increased by 204k to 158.9 million.
As a result, the crypto and equities market tumbled due to the hawkish stance of the Federal Reserve. Bitcoin price tumbled hard from $20,020 to $19,592 within minutes. As per CoinMarketCap, the BTC price is trading at $19,640 at the time of writing.
Ethereum price also dropped over 3% from $1,356 to a low of $1,329. The ETH price is currently trading at $1,337. Other cryptocurrencies also fell after the U.S. jobs data.
The U.S. stock market indexes S&P 500, Nasdaq 100, and Dow Jones fell over 1% in the pre-market hours. The U.S. dollar index (DXY) also soared to a high of 112.83 after the U.S. jobs report, causing the crypto and stock prices to come under pressure.
Probability of 75 Bps Rate Hike Jumps
The increase in payrolls in September will cause the Fed to have a hawkish stance regarding the November rate hike. Several experts have raised concerns over the Fed’s hawkish stance pushing the U.S. economy into recession. However, the Fed commits to tame inflation under standard limits.
According to economist Jeremy Siegel, the biggest threat isn’t inflation, it’s the recession. The Federal Reserve is being overly aggressive with its monetary policy.
As per CME FedWatch Tool, the probability of a 75 bps rate hike in November has jumped from 75.2% to 81.6%. Moreover, the probability of a 50 bps rate hike in December is 63.3%.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Solana Airdrop: Seeker Team Confirms 1.8B SKR Token Drop for Users, Here’s What to Know
- Crypto Traders Bet on Bitcoin Price Hitting $100K Before Month-End as BTC Breaks $97k
- Arthur Hayes Predicts BTC Price to Surge in 2026 Amid Dollar Liquidity Expansion
- Ethereum Staking Hits Record Highs as BitMine Continues to Stake ETH
- CLARITY Act Stalls as Senate Postpones Thursday’s Markup Amid Coinbase Backlash
- Dogecoin Price Forms an Inverse Head and Shoulders: Will DOGE Target $0.18 Next?
- Bitcoin Price Forecast: How the Supreme Court Tariff Decision Could Affect BTC Price
- Ethereum Price Prediction as Network Activity Hits ATH Ahead of CLARITY Markup
- Robinhood Stock Price Prediction: What’s Potential for HOOD in 2026??
- Cardano Price Prediction as Germany’s DZ Bank Gets MiCAR Approval for Cardano Trading
- Meme Coins Price Prediction: What’s Next for Pepe Coin, Dogecoin, and Shiba Inu Amid Market Rally?
