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Bitcoin price tumbled over 4% after the U.S. Bureau of Labor Statistics released non-farm payroll data for September. The U.S. unemployment rate fell to 3.5%, below the expected 3.7% in September. Moreover, the probability of a 75 bps Fed rate hike in November has jumped over 80% from an earlier value of 75%.
Bitcoin Price Falls After the U.S. Jobs Data
The U.S. non-farm payroll data for September comes in better than expected. The unemployment rate fell to 3.5%, below market expectations of 3.7%, the same as the July data. Also, the unemployment rate in August was 3.7%.
Moreover, the number of unemployed declined by 261k to 5.75 million in September. Whereas, the number of employed people increased by 204k to 158.9 million.
As a result, the crypto and equities market tumbled due to the hawkish stance of the Federal Reserve. Bitcoin price tumbled hard from $20,020 to $19,59
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