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Bitcoin rises after weak September jobs data

The U.S. added 29,000 jobs in September, well below the 84,000 economists expected, while unemployment rose to 4.2%.

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Bitcoin gained sharply after the U.S. labor market report showed weaker hiring in September, with the economy adding 29,000 jobs versus 84,000 expected, according to data cited from the Bureau of Labor Statistics. The report also revised down the prior two months by a combined 60,000 jobs and pushed unemployment up to 4.2%.

Decrypt reports that the jobs miss erased the odds of an October rate hike, lifting sentiment for risk assets like Bitcoin. The article says Bitcoin is now approaching its yearly high and that chart signals suggest further upside during the month it calls Uptober.

The piece links the move to the Federal Reserve’s recent policy path. It notes the Fed raised rates by a quarter point on September 16, lifting the target range to 3.75% to 4.00%, the first hike since 2023, and adds that officials have recently suggested there is no rush to make another move.

Latest closeBitcoin $84,062.62 ▼0.9%

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