Key Takeaways
- September's U.S. jobs report exceeded expectations with 254,000 new jobs.
- Bitcoin prices hit over $62,300 following the strong jobs data.
- The amount of Bitcoin on centralized exchanges has dropped to a six-year low.
The U.S. economy added 254,000 jobs in September, far exceeding the forecast of 140,000.
This strong jobs report indicates a potential slowdown in interest rate cuts, yet it remains positive for Bitcoin, according to Zach Pandl, Grayscale’s head of research.
He explained that the combination of economic growth and discussions around federal rate cuts is likely to boost investor appetite for riskier assets like Bitcoin.
Grayscale, a major player in the digital asset space, manages over $20 billion in Bitcoin and other cryptocurrency assets.
Meanwhile, the CME Group’s futures market reflects a slight expectation of only a 0.25% rate reduction at the Federal Reserve’s upcoming November meeting. Current rates are targeted around 4.75%.
Grayscale also noted a bullish indicator in the continued decline of Bitcoin held on centralized exchanges, with the amount now at a six-year low. This data suggests increasing demand and potential price support, adding to hopes for a strong fourth-quarter performance in the Bitcoin market, often referred to as “Uptober.”
