Breaking: US Nonfarm Payrolls Surge To 256K, What Next For Bitcoin?

The latest nonfarm payrolls data shows a surge in the US employment rate for December. Meanwhile, the unemployment rate also came in lower than expected. These macroeconomic figures could significantly impact Bitcoin and the broader crypto market.

US Nonfarm Payrolls Surge To 256,000

The Labor Department data shows that the total nonfarm payroll employment increased by 256,000 in December, beating the estimates of 160,000. This once again represents a strong US job data after an increase to 227,000 in November.

The unemployment rate dropped to 4.1%, as against the expected 4.2% recorded in November. Following the release of this nonfarm payrolls report, traders are now betting against a first-half rate cut from the Federal Reserve.

These traders predict that the Fed will only cut rates once this year, and it is unlikely to happen earlier than June. Specifically, they project that the only interest rate cut this year will occur in October.

This development presents a bearish outlook for the Bitcoin price, considering how this macro data could play out in the minds of investors. The Fed made three interest rate cuts last year, which makes a potential one rate cut this year more disappointing.

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