Bitcoin maintained its stability despite the significant revision of US employment data, sparking increased interest in risk assets.
Employment data revision
According to the US Bureau of Labor Statistics, nonfarm payroll figures were revised down by 818,000 for the period from April 2023 to March 2024. This indicates the job market was overestimated by an average of 68,000 jobs per month.
Impact on the US dollar
The revised data contributed to the weakening of the US dollar to its lowest level in 2024. The US dollar index (DXY) dropped to 101.18, down 0.2% on the day and 3% in August. This drop may accelerate the Federal Reserve's monetary policy easing.
Bitcoin and other assets comparison
Despite the weak dollar, Bitcoin continues to stay in a narrow range below $60,000. This contrasts with gold and equities, which are showing confident growth. According to trader Peter Brandt, for a significant rise in BTC/GC ratio, it needs to surpass 32.5. Currently, the ratio stands at 23.4.
The Bitcoin market remains stable amid the revision of US employment data and the weakening dollar. The Federal Reserve's monetary policy continues to be a significant factor for future movements in the crypto market.
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