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The global crypto market cap is $1.29 trillion with a 24-hour volume of $42.53 billion. The price of Bitcoin is $34,607.75 and BTC market dominance is 52.6%. The price of Ethereum is $1,815.01 and ETH market dominance is 17.0%. The best performing cryptoasset sector is Adult, which gained 7%.
Amid surprising US job report, Bitcoin maintains its ground
The latest U.S. jobs data reflected a perceptible deviation from consensus expectations, leading to subtle reverberations in the crypto market.
The unemployment rate for October was anticipated to hold steady at 3.8%, mirroring August’s figures. However, it registered a slight uptick to 3.9%. Concurrently, non-farm payroll data, projected to mimic the unemployment rate at 3.8%, significantly underperformed, with a mere 150,000 payrolls added.
Higher unemployment and lower payroll figures indicated an unforeseen softening in the labor market’s progress.
Interestingly, against this backdrop, Bitcoin demonstrated a marginal positive response. Despite the less-than-robust economic indicators, the premier cryptocurrency remained above the $34,000 mark.
Following the release of the jobs report, projections for the upcoming Federal Reserve meeting, scheduled for Dec. 13, now indicate a 10% likelihood of a 25 basis points rate hike. If implemented, this adjustment would elevate the federal funds rate to 5.50 – 5.75%.
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
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