Breaking: US Job Data Dampens Market Sentiment; What’s Next For Bitcoin?
Highlights
- The latest US Job data showed that the nonfarm payrolls exceeded Wall Street expectations.
- The unemployment rate comes in at 4.2% in March.
- This latest data sparks market concerns, hinting towards a potential dovish stance ahead by the US Fed.
The long-awaited US Job data showed that the nonfarm payroll increased by 228,000 in March, up from 151,000 in the prior month. On the other hand, the US unemployment rate comes in at 4.2%, up from 4.1% recorded in the prior month. This job data has dampened market confidence, hinting towards a potential hawkish stance by the US Fed ahead, which could hinder the Bitcoin and top altcoins prices breakout ahead.
US Job Data: Nonfarm Payrolls & Unemployment Rate Dampens Market Sentiment
The latest US Job data by the Labor Department showed that the nonfarm payrolls increased by 228K in March, up from the prior month’s figure of 151K. On the other hand, the unemployment rate comes in at 4.2%, up from the prior month’s figure of 4.1%. Notably, the metrics have surpassed Wall Street expectations of 140K and 4.1%.
These higher-than-expected figures have raised concerns among investors, with many anticipating a hawkish stance ahead by the US Fed. Notably, this is one of the most crucial metrics that the US central bank considers while deciding its policy rate plans.
How’s Bitcoin Performing After US Job Data?
Bitcoin price has recorded a sharp fall after the US Job data, reflecting the gloomy sentiment hovering in the market. Notably, BTC price today fell from $84,639 to as low as $81,745 just after the Labor Department’s data. However, it has recorded a slight recovery, as investors appear to be downplaying Trump’s tariff plans’ impact on the broader market.
Meanwhile, the US 10-year Bond Yield fell more than 3.4% to 3.91 following the latest release. On the other hand, the US Dollar Index stayed near the flatline at $102.012. Besides, the CME FedWatch Tool showed that there is only a 42% chance of a potential 25bps rate cut at the upcoming Fed’s gathering.
Considering all these aspects, the latest US Job data is expected to weigh on the investors’ sentiment. So, if the Fed decides to move ahead with a hawkish plan, it could dampen the broader market sentiment, while hindering the growth potential of Bitcoin and other top altcoins.
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