U.S. Jobs Figures Push Bitcoin Price Down to $23,370

• U.S. Bureau of Labor Statistics (BLS) reported 517,000 new jobs in January and the unemployment rate fell to 3.4%.
• The new job creation figure surpassed the 185,000 anticipated by Wall Street economists.
• This news caused Bitcoin prices to fall to $23,370 and Fitch Ratings chief economist Brian Coulton has predicted two or more rate hikes from the Fed due to these numbers.

U.S Job Figures Impact Bitcoin Price

The U.S Bureau of Labor Statistics (BLS) published their January labor report which revealed that the non-farm payrolls increased by 517,000 compared to the 185,000 expected by Wall Street analysts. As a result, the unemployment rate dropped to 3.4% against an anticipated 3.6%. This higher than average monthly increase was largely attributed to gains in health care, professional and business services, leisure and hospitality as well as government sectors due mainly to a university worker’s strike return back in action. However, despite this positive news of job growth, average hourly earnings decreased year over year which may lead investors into believing that inflation is on the horizon again with an estimated 4.4% decrease in comparison with December 2022’s 4.6% decrease on the same parameter .

Federal Reserve Response

Chief Economist at Fitch Ratings Brian Coulton had initially predicted only one Federal Reserve (Fed) rate hike prior to this announcement but revised his estimates after seeing these figures expecting two or more rate hikes from them instead due to fears of inflation again following this data release . These numbers have also caused a stir in both traditional and crypto markets with its post-FOMC announcement earlier this week about beginning their „disinflationary process“ having been reversed now .

Bitcoin Price Fall

The news of these higher than expected job figures caused Bitcoin prices to take a tumble down from its previous rally earlier this week when Powell made his announcement dropping it down from its previous heights hitting $23370 shortly after this report was released .

Impact On Economy

These tough economic times have been further thrust forward despite reaching target number of new jobs created something that will be cause for further concern among many who are affected by such issues directly or indirectly through changes in market conditions brought forth by such declarations .


It remains unclear how far reaching the effects of today’s U.S labor report will be but what is clear is that it has already started having an impact on cryptocurrency markets with bitcoin being one of those most affected so far showing just how important labor statistics can be when predicting future market movements .

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