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- Bitcoin (BTC) experienced a surge following the announcement of the US non-farm payroll data for April, which fell below expectations at 175,000.
- The US unemployment rate was also announced above expectations at 3.9%.
- These figures could trigger a decrease in the value of the dollar, which could positively impact the cryptocurrency market.
Bitcoin surges as US non-farm payroll data falls below expectations. The cryptocurrency market could benefit from a potential decrease in the dollar’s value.
Bitcoin Responds to US Non-Farm Payroll Data
The US non-farm payroll data for April was announced recently, revealing a figure of 175,000, which was below the market expectation of 238,000. This announcement triggered a $1,200 rise in Bitcoin, marking the first time in five months that the non-farm payroll data has fallen below expectations.
US Unemployment Rate Above Expectations
In addition to the payroll data, the US unemployment rate was announced at 3.9%, above the expected 3.8%. Prior to the announcement, Bitcoin had dropped to $59,100, but surged to $60,330 following the news. Ethereum (ETH) also experienced a rise, reaching $3,005.
Implications for the Dollar and Cryptocurrency Market
The downward movement of these figures, which represent changes in the number of people employed outside the agricultural industry in April, could trigger a decrease in the value of the dollar. This could positively impact the cryptocurrency market, as the dollar index (DXY), which often moves in inverse correlation with Bitcoin, may also decrease.
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Reaction of the Dollar Index
Following the announcement of the data, the dollar index accelerated downwards, falling to 104.5. The upcoming inflation data, due to be announced on the 15th of the month, has sparked curiosity about the policy that the US Federal Reserve (FED) will follow in response to these figures.
Current State of Bitcoin
According to CoinGecko data, Bitcoin is currently trading at $60,215 at the time of writing.
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Conclusion
The recent US non-farm payroll data and unemployment rate have had a noticeable impact on Bitcoin and the wider cryptocurrency market. As these figures could potentially lead to a decrease in the value of the dollar, the cryptocurrency market could see further positive effects. The upcoming inflation data and the response of the US Federal Reserve will be closely watched by market participants.
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