Bitcoin Taps 5-Day Peak on Higher Than Expected US Job Report

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The US beat the expectations in terms of new nonfarm jobs reaching 261,000 such positions in October, rather than the estimated 205,000.

Bitcoin reacted with immediate price fluctuations, dropping by a few hundred dollars before shooting up to a five-day high.

  • CryptoPotato warned recently that there’re four major events coming at the start of November that could bring enhanced volatility to the crypto markets.
  • The first – FOMC meeting – took place on Wednesday and the Federal Reserve increased the key interest rates by 75 basis points – exactly as expected. Nevertheless, this sent BTC on a $1,000 rollercoaster that resulted in almost breaking below $20,000.
  • Earlier today, the world’s largest economy posted the results for nonfarm jobs in October, beating the estimations.
  • However, the unemployment rate also increased to 3.7%, and the broader jobless measure jumped to 6.8%.
  • Bitcoin’s price first dropped from $20,700 to $20,400 before surging to $20,900 (on Bitstamp). This became the asset’s highest price tag since last Sunday.
  • With the midterm elections right around the corner, bitcoin could be headed for another volatile week soon.
BTCUSD. Source: TradingView
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