Bitcoin's price rises with stocks as Wall Street assesses US jobs data

Bitcoin's price posted an uptick on Friday after fresh U.S. jobs data bolstered hopes that the Federal Reserve's current monetary policy could achieve a "soft landing" for the nation's economy.

The Bureau of Labor Statistics released data that beat estimates for November and showed U.S. employers added 199,000 jobs last month, an increase in the rate of job growth from October. The data could give Fed officials confidence that current monetary policy is on track to tame inflation without triggering a recession.

Bitcoin rose 1% at 11:30 a.m. ET, changing hands for $43,900. The largest digital asset exhibited its tendency to correlate with major equity indices, as early day trading saw the Dow Jones increase by 0.3%, the S&P 500 rise by 0.4%, and the Nasdaq gain 0.5%.

No significant wage growth

The Bureau of Labor Statistics data also revealed that the U.S. unemployment rate fell to 3.7% from 3.9%.

The jobs report is giving investors more signals to help forecast the Federal Reserve's moves in 2024. Importantly, the data did not show any significant increase in average hourly earnings. Wage growth can be interpreted as an inflation risk, as it gives companies more room to raise prices.

Wages in November rose at an annual rate of 4%, a slowing in the pace of pay increases but still above the 3% level policymakers view as consistent with their 2% inflation target.