Bitcoin (BTC)
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After dropping to $97,200, the price of Bitcoin began to reflect optimism. On February 7, 2025, the U.S. Bureau of Labor Statistics (BLS) released its Non-Farm Payroll data for January 2025, along with earnings and unemployment rate figures. This data has a significant impact on the cryptocurrency market.
U.S. Data and Cryptocurrency
The Non-Farm Payroll figure for January came in at 111,000, which is significantly lower than the expected 158,000. This disappointing result indicates a weakening employment sector, which is viewed as positive 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.
Market Revisions and Focus
The average monthly employment growth in the U.S. for 2024 was revised down from 186,000 to 166,000. It has already been noted that last year’s employment figures would be revised favorably for risk markets. The focus of the markets is on potential interest rate cuts in May.
The current price of BTC is approximately $98,500.
