Bitcoin trades flat following lower US jobs growth revision
Quick Take
- Bitcoin’s price remains subdued following figures showing the U.S. added 818,000 fewer jobs than previously estimated.
- Equities showed mixed results following the lower-than-expected U.S. employment data.
Bitcoin traded flat, reflecting the caution that also affected U.S. equity markets after Wednesday's U.S. employment data came in below economists' expectations.
The U.S. Labor Department on Wednesday released revised figures for the 12 months ending in March, highlighting greater economic fragility. The data showed 818,000 fewer jobs added between March 2023 and March 2024 than previously estimated.
This revision means job growth in March 2024 was an increase of 1.4%, down from the previously reported 1.9% estimate. This 0.5% downward adjustment is the largest since 2009.
The downward revision to payroll growth indicates the U.S. job market is not as robust as the market expected, according to QCP Capital analysts.
"The question now is whether the U.S. Federal Reserve has been behind the curve, having delayed rate cuts due to a previously stronger-than-expected job market and robust economy," they added.
The world's largest digital asset by market cap has ticked higher by around 0.9% over the past day, trading at $59,464 as of 12:11 p.m. ET, according to The Block's Price Pages.
Major European and UK indices closed the day in positive territory. In London, the FTSE 100 gained 10.11 points to reach 8,283.43, while Europe's regional Stoxx 600 index rose 0.32% to 513.93. Meanwhile, in New York, the Dow Jones Industrial Average opened down by 0.13%, the S&P 500 edged up by 0.013%, and the Nasdaq dipped by 0.01%.
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