The largest cryptocurrency rose above $98,500 after the Bureau of Labor Statistics said the economy added 143,000 jobs in January, below the forecast 170,000 and down from 256,000 in December.
Bitcoin (BTC) price rallied on Tuesday morning after data showed U.S. job growth slowed further in January, boosting expectations that the Federal Reserve will pause its aggressive interest rate hikes.
Bitcoin rose above $24,850 after the Bureau of Labor Statistics said the economy added 143,000 jobs last month. That was below the forecast 170,000 and December’s 256,000.
Still, the unemployment rate dropped to 4%, compared with an expected 4.1% and December’s 4.1%. Growth in average hourly earnings also blew past estimates, coming in at 0.5% versus the expected 0.3%.
The chance of the Fed lowering the benchmark interest rate at its March meeting fell to 8% from 15% after the report, according to CME FedWatch data.
The Fed cut the fed funds rate by 100 basis points over the last four months of 2024, and several weeks ago investors were expecting more of the same in 2025. A string of strong economic and inflation data since, however, has had the Fed quickly backtracking on its dovishness and traders pricing out the odds of any further policy ease.
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