Bitcoin Jumps Toward $17K on Positive US Job Report
cryptopotato.com 06 January 2023 14:26, UTC
Reading time: ~2 m
The US continued to beat expectations in terms of new jobs added for the month of December, according to the Labor Department.
The unemployment rate dropped to historic lows.
- The report for December 2022 indicated that the unemployment rate is down to 3.5% from 3.7% the previous month.
- At the same time, the world’s most powerful economy added 223,000 jobs in December, which was higher than Bloomberg’s estimates of 200,000.
- Overall, the US finished the year with 4.5 million new jobs filled, trailing only to 2021, when the country was recovering from the COVID-19-induced crash.
- The best month in 2022 in terms of jobs added was February, with over 700,000, while December was last, even though it was better than expected.
- Shortly after the report went live, bitcoin started to move, heading north with a minor $150 move. As a result, the cryptocurrency jumped to just over $16,800 but retraced almost as quickly.
- Certain US announcements, such as CPI numbers and interest rate hikes, have a more significant effect on BTC’s price movements. You can check all the dates for both in the upcoming year here.
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