Business News Asia
Bitcoin fell below $20,000 yesterday after the U.S. released the non-farm payrolls number, which was stronger than expected. Bitcoin fell 2.25% today to $19,582.60.
The Dow fell more than 400 points after the U.S. Labor Department announced that non-farm payrolls rose by 263,000 in September. The unemployment rate fell to 3.5% from 3.7% in August.
Investors view the higher-than-expected employment numbers and lower unemployment rate in September as signs of strength in the U.S. labor market and will prompt the Fed to raise interest rates further.
In November 2021, bitcoin surpassed $69,000, reaching its highest level in history, before collapsing below $20,000 in June 2022 amid fears that the Federal Reserve’s accelerated rate hikes and balance sheet cuts would strain market liquidity and plunge the U.S. into recession.