U.S. jobs data miss prompts Bitcoin rise to above $56,000 amid rate cut speculation

Quick Take

On Sept. 6, the US released its latest jobs data, revealing that non-farm payrolls increased by 142,000, falling short of the consensus estimate of 160,000. Meanwhile, the unemployment rate held steady at 4.2%, which aligned with expectations. However, wage growth surprised on the upside, with average hourly earnings rising 0.7% month-over-month and 3.8% year-over-year, exceeding forecasts, according to Trading Economics.

Following the report, Bitcoin saw a slight uptick, climbing above $56,000. At the same time, the US dollar index (DXY) dropped to 100, reflecting a softer dollar. Due to a relatively strong jobs report, this increased market expectations for a 25 basis point rate cut at the upcoming Federal Reserve meeting to a 57% chance. This heightened likelihood of a rate cut comes as the Fed aims to balance economic growth with managing inflationary pressures.

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