Bitcoin Price and Ethereum – Positive US Nonfarm Payroll to Put Pressure on Cryptocurrencies
During the early European session, the global cryptocurrency market capitalization fell 1.39% to $957.46 billion. Over the past 24 hours, the total volume of the cryptocurrency market has decreased by 5.82% to $55.83 billion.
With a 24-hour volume of $3.11 billion, DeFi accounted for 5.55% of the entire cryptocurrency market. This represents 92.59% of the total 24-hour volume in the cryptocurrency market, or $51.82 billion.
Investors factored in the United States' surprisingly positive nonfarm payroll and unemployment figures during the European session. As a result of this news, the leading cryptocurrency, Bitcoin, tumbled 3.13% for the day.
While the second most valuable cryptocurrency, Ethereum, ended up falling 2.92% to trade at $1,334.
US Nonfarm Payroll: Accordingly to the US Bureau of Labor Statistics, total nonfarm payroll employment increased by 263K in September, while economists predicted a gain of 248K jobs from the previous month. Even though the 263K figure is the lowest monthly increase since April 2021, it is still higher than the 250K figure that was expected by the market.
With increased interest rates and costs, the economy began to slow in the eighth month of the year, resulting in a reduction from the average of 439K in the first eight months to the current reading of 220K in September.
Unemployment Rate - On the other hand, the US labor market conditions in the world's largest economy are closer to the best. The unemployment rate in the United States fell to 3.5% in September 2022, matching July's 29-month low and coming in below market predictions of 3.75%.
In September, the number of people without jobs fell by 261K to 5.75 million, while the number of people with jobs rose by 204K to 158.9 million.
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