Crypto Market Faces Volatility Amid Strong US Job Report and Fed Rate Hike Woes
Photo: The Coin Republic
Key Insights: Crypto market cap fell over 3% to $2.55T as digital-asset products recorded $511.9M in outflows. October non-farm payrolls reached 165,000, beating forecasts of 59,000 as unemployment rate fell to 4.1%. Kalshi traders priced a 79% chance of a Dec. 9 Fed hike while Bitcoin traded at $75,548. The crypto market declined as a stronger-than-expected US jobs report pushed traders to reassess the Federal Reserve’s next move. Bitcoin traded at $75,548 after the release, while several market indicators showed investor caution. The U.S. Bureau of Labor Statistics reported 165,000 new jobs in October.
Source: The Coin Republic
