The US Bureau of Labor Statistics reported that employers added 29,000 jobs in September, significantly below the 90,000 jobs economists had anticipated. The unemployment rate reached 4.2%, exceeding the expected 4.1%. In August, the initial estimate showed 162,000 new jobs.
Following the release of the labor data, Bitcoin and gold prices increased. Gold rose from approximately $4,178 to $4,227 per ounce, while Bitcoin climbed from about $86,450 to nearly $87,230. Bitcoin recorded a daily gain of 3.48%.
Market volatility led to liquidations for traders betting against price movements. CoinGlass data indicates that $32.51 million in positions were wiped out within an hour, with $27.53 million coming from short bets. Bitcoin-related losses accounted for $20.5 million of that total.
The Federal Reserve, which raised interest rates in September, now faces a cooling labor market ahead of its December meeting. Despite the weak jobs report, J.P. Morgan maintains a forecast for an additional rate hike in December, while 10-year Treasury yields recently reached a 24-year high.
