Bitcoin drops below $20,000 following U.S. jobs data; DXY dollar index soars

Quick Take

  • Bitcoin was trading at $19,623 following the news that the U.S. added 263,000 jobs in September.
  • The DXY dollar index traded up over $112 shortly after the release. 

Crypto prices plummeted following the lowest monthly job figures out of the U.S. since last December. 

The U.S. added 263,000 new jobs in month of September, above expectations of 255,000 and below the previous month, when 315,000 jobs were added. Bitcoin dropped below $20,000 following the news, losing about 2% in the last hour to trade at $19,623, according to data via Coinbase.

The U.S. non-farm payrolls are released on the first Friday of every month as part of the employment situation report, and measure the number of new jobs in the U.S., excluding farm workers and several other job categories. The unemployment rate fell to 3.5%, below expectations of 3.7%, according to todays report. 

The DXY Dollar index, which measures of the value of the U.S. dollar relative to a basket of foreign currencies, rose immediately after the release. 

Traders will now be looking toward next Thursday's inflation print, with the U.S. releasing consumer price index (CPI) data for September. CPI came in hotter-than-expected in August, causing an uptick in volatility in crypto markets. Last week's PCE inflation data also sent markets lower, as core PCE came in above expectations at 0.6%.


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