On Friday (4 November 2022), U.S. stock market and the crypto market breathed a sign of relief after October data for the U.S. labor market came out since it made it appear that the Fed may not need to be so aggressive with its rate hikes going forward.
According to a press release issued at 12:30 p.m. UTC (i.e. 8:30 a.m. ET) today by the U.S. Bureau of Labor Statistics, “total nonfarm payroll employment increased by 261,000 in October, and the unemployment rate rose to 3.7 percent.”
A report by CNBC said that while some people are concerned “that the Fed will persist with its hiking campaign as the labor market added 261,000 jobs,” there are others who “interpreted the findings as a sign that the labor market is beginning to cool — albeit at a slow pace.”
Keith Lerner, chief market strategist at Truist Advisory Services, told CNBC:
“In an ironic way, a mixed report is probably a good report for the market because it shows the economy’s not falling off a cliff.“
Data by TradingView shows that on crypto exchange Bitstamp the Bitcoin price started surging as soon as the news release from the U.S. Bureau of Labor Statistics came out, and it got as high as $21,257 by 2:41 p.m. UTC.
This was the highest level the Bitcoin price has been since 13 September 2022:
Featured Image via Pixabay