Bitcoin (BTC)
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After falling to $97,200, the price of Bitcoin (BTC) began to show signs of optimism. On February 7, 2025, the U.S. Bureau of Labor Statistics (BLS) released its Non-Farm Payroll data for January 2025, which included earnings and unemployment rate figures. This data has a significant impact on the cryptocurrency market.
The Non-Farm Payroll figure was reported at 111,000, which is significantly lower than the expected 158,000. This disappointing result indicates a weakening employment sector, which is seen as a positive factor for cryptocurrencies. It provides support for the Federal Reserve to continue cutting interest rates. Despite the weak data, the unemployment rate remained at 4%, which is below expectations. This is promising, as future data is expected to show an increase, which would better reflect potential rate cuts.
There has been a revision in the average monthly employment growth in the U.S. for 2024, which has been lowered from 186,000 to 166,000. It has already been noted that last year’s employment figures would be revised favorably for risk markets. Currently, the markets are focused on the potential interest rate cuts in May.
The current price of Bitcoin (BTC) is approximately $98,500.