Bitcoin rose 0.25% in the hour leading up to 9:30 p.m. in Hong Kong, to US$34,412, as the release of the U.S. jobs report showed a deceleration in job creation in October.
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- The world’s largest economy added 150,000 new jobs in October, below the expected 170,000.
- This marks a sharp decline from the 297,000 jobs increase in September, confirming market expectations that the Federal Reserve may slow down its interest rate increases.
- The central bank left its benchmark borrowing rate unchanged at 5.25% to 5.50% on Wednesday, marking the second consecutive rate hike pause. U.S. interest rates are at a 22-year high.
- The CME FedWatch Tool predicts a 95.4% chance that the Fed will leave its benchmark borrowing rate unchanged at the next meeting, up from 79.1% one week ago. The Fed is scheduled to meet on Dec. 13.
- The unemployment rate rose to 3.9%, marking the highest level since January 2022, according to the Labor Department’s report from Friday.
- Bitcoin fell 2.20% in the past 24 hours, but was still up over 25% in the past month, according to CoinMarketCap.
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