Crypto Prices Jump After US Labor Report Shows Increase in Both Jobs and Unemployment Rate
A fact-finding agency says digital asset markets spiked higher late this week following news that the US job market is showing potential signs of recovery after a consensus beat in non-farm employment change.
Data from the Bureau of Labor Statistics (BLS) reveals that 261,000 jobs were added to the US economy in October, 61,000 higher than originally expected.
According to the BLS, notable job gains occurred in health care, professional and technical services, and manufacturing sectors.
The rise in jobs, though better than expected, was well below 2022’s average monthly growth of 407,000 and 2021’s average monthly job surge of 562,000. Unemployment rates also rose 3.7%, 0.1% higher than forecasted.
Crypto markets rallied nonetheless on Friday afternoon, with the total digital asset market cap cracking the $1 trillion level for the first time since mid-September. At time of writing, crypto is at a $1.01 trillion market cap, up 4.4% on the day.
Bitcoin (BTC) and much of the altcoin markets put in sizeable gains, with BTC recording a 5.45% rally on the day. Meanwhile, Ethereum (ETH) is up 7.31% on the day at $1,652, continuing its outperformance of Bitcoin.
Some of the stronger altcoins rallying at the end of the week include Ethereum scaling solution Polygon (MATIC), oracle network Chainlink (LINK), decentralized finance (DeFi) protocol Aave (AAVE) and decentralized exchange Curve DAO (CRV).
The next upcoming piece of economic data that has historically had an impact on the crypto markets is the consumer price index (CPI) reveal, slated for Thursday, November 10th.
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Author: Alex Richardson
