Bitcoin price spikes in response to US Nonfarm Payrolls for October
The US Bureau of Labor Statistics (BLS) released the highly-anticipated Nonfarm Payrolls (NFP) report early on Friday. The economy added 150,000 jobs, 30,000 below the market participants’ expectations.
The US Federal Reserve takes NFP data as input for its decision to hike interest rates or keep them higher for longer. The cooling job market is conducive to a shift in the Fed’s stance and traders’ fears of an interest rate hike are likely to be alleviated.
Bitcoin recedes to $34.2K ahead of US Nonfarm Payrolls data
Bitcoin (BTC) is on the back foot ahead of the key U.S. data release, which could bring pain to risk assets, including cryptocurrencies.
At press time, bitcoin was changing hands at $34,235, representing a 2% drop on the day, CoinDesk data show. Prices briefly topped the $36,000 mark early this week, extending past week’s 15% surge from near $30,000.
UK AI safety summit: Musk likens AI to 'magic genie,' says no jobs needed in future
The United Kingdom’s global summit on artificial intelligence safety, the AI Safety Summit, concluded on Nov. 2 with a one-on-one chat between U.K. Prime Minister Rishi Sunak and billionaire Elon Musk.
Musk was one of the many big names to attend the summit, including heads of OpenAI, Meta, Google and its AI division DeepMind, along with leaders from 27 countries. Musk’s nearly hour-long chat with Sunak was one of the main events of the second day.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Here are the best and worst-performing cryptocurrencies in H1 2024
A recent report by Crypto Koryo on Wednesday revealed meme coins as the top performers among cryptocurrencies so far in 2024, with several altcoins coming in behind. The worst-performing tokens are DeFi and governance tokens.
Ethereum poised to follow Nvidia's steps as Bitwise files updated S-1 draft
Ethereum (ETH) is down 3% on Wednesday following Bitwise filing an updated S-1 draft and a wider market downturn with potential Mt. Gox BTC supply flooding the market.
What to expect from altcoins as ETH ETF approval draws closer
As the crypto market continues consolidating on Wednesday, altcoins show mixed signals ahead of the spot ETH ETF launch. Many have predicted that the alt season may not occur in this cycle following the market lull. However, two key metrics suggest otherwise.
PolitiFi meme coins surge as Biden support lowers
Crypto prediction markets favor Kamala Harris over President Joe Biden as Democratic nominee in upcoming presidential elections. Meme coins based on Vice President Harris rallied amid BODEN token's 30% decline. Other tokens based on possible replacements for Biden experienced similar surges.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.