Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
US Job Data Fuels Optimism for Rate Cuts and Crypto Market Rally

US Job Data Fuels Optimism for Rate Cuts and Crypto Market Rally

Cryptodnes2024/11/01 21:11
By: Cryptodnes
RSR+0.77%BTC-0.01%OP+0.22%

Recent US employment data indicates a modest increase in non-farm payrolls, which rose by only 12,000 in October, significantly lower than the expected 110,000.

Meanwhile, the unemployment rate remained unchanged at 4.1%, aligning with market predictions. Average hourly earnings also saw a 0.4% increase, with a year-over-year rise of 4%.

This employment report has fueled optimism among investors, suggesting a potential rate cut by the Federal Reserve in November. The current job figures typically lead to a more cautious approach from the central bank, which may pave the way for a rate reduction next month.

The job data has also boosted expectations for a rally in financial markets, particularly in the cryptocurrency sector, with hopes for a rebound in Bitcoin and altcoins. Following the report, the US 10-year bond yield fell by over 1%, and the US Dollar Index declined by 0.25%. These trends usually favor digital assets.

READ MORE:
Here is Why Bitcoin’s Price Dropped Today, According to an Analyst

Despite earlier predictions of a stable rate approach, the market is now heavily betting on a 25 basis point cut at the Federal Reserve’s meeting on November 7, with a similar expectation for December. Additionally, the upcoming US elections may further influence cryptocurrency prices, leading analysts to anticipate a positive trend for the market in the near future.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!
Bitget Announcement2025/09/12 07:46
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
New spot margin trading pair — LINEA/USDT!
Bitget Announcement2025/09/11 10:04

Trending news

More
1
New spot margin trading pair — HOLO/USDT!
2
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

Crypto prices

More
Bitcoin
Bitcoin
BTC
$116,233.8
+0.29%
Ethereum
Ethereum
ETH
$4,722.36
+4.24%
XRP
XRP
XRP
$3.11
+1.58%
Tether USDt
Tether USDt
USDT
$1
+0.02%
Solana
Solana
SOL
$243.72
+4.46%
BNB
BNB
BNB
$927.48
+2.42%
USDC
USDC
USDC
$0.9998
-0.00%
Dogecoin
Dogecoin
DOGE
$0.2814
+7.06%
TRON
TRON
TRX
$0.3524
+0.95%
Cardano
Cardano
ADA
$0.9287
+2.55%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter