The recent US jobs report surpassed analysts' expectations, potentially impacting the pace of interest rate cuts while maintaining demand for risk assets, including Bitcoin.
Economic Impact
The US Bureau of Labor Statistics reported that the economy added about 254,000 jobs in September, significantly exceeding the 140,000 expected. This growth indicates ongoing economic development.
Crypto Market Reaction
Bitcoin prices reached an intraday high of over $62,300 on October 4 following the strong jobs data. Futures traders anticipate a 0.25% rate cut after the Federal Reserve's November meeting.
Grayscale's Stance
Grayscale's head of research, Zach Pandl, highlighted that discussions about rate cuts and economic growth have a positive outlook for Bitcoin. Grayscale expects Bitcoin to benefit in this risk-positive environment.
The robust jobs report coupled with stable rate expectations supports investor optimism and may drive further Bitcoin price growth in the short term.