Bitcoin (BTC) is trading at $97,783.95 at the time of reporting, rebounding slightly after dipping to $95,707.35 and peaking at $100,154.14 in the past 24 hours. The world’s dominant cryptocurrency has gained 0.48% in the last day but remains down 6.50% over the past week, reflecting ongoing market uncertainty.
U.S. Jobs Data Adds to Market Uncertainty
The latest U.S. jobs report from the Department of Labor revealed that 143,000 jobs were added in January, falling short of economists’ predictions of 170,000. However, the unemployment rate dropped from 4.1% to 4.0%, signaling a mixed economic picture.
Bitcoin and other risk assets tend to react to labor market data, as employment figures can influence Federal Reserve policy decisions on interest rates. A slowdown in hiring could increase speculation about future rate cuts, which typically benefits bitcoin by making alternative assets more attractive compared to traditional finance instruments like bonds and savings accounts.
Source : Bitcoin News
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