Bitcoin Gets Brief Boost After U.S. Employment Growth Revised Lower

Based on recent adjustments by the Bureau of Labor Statistics, it’s now estimated that the U.S. actually gained fewer jobs than initially reported for the timeframe between March 2023 and March 2024. This equates to a yearly job growth of about 2.1 million instead of the previously stated 2.9 million, or an average monthly increase of approximately 174,000 jobs as opposed to the earlier figure of 242,000.

At a high level, a slower-than-anticipated economic growth results in a more accommodative monetary policy by the Federal Reserve, which in turn can cause an increase in Bitcoin prices compared to what would have occurred under stronger economic conditions.

Goldman Sachs, recognizing the potential for significant reduction, clarified earlier this week that the reported job growth figures might be incorrect. They suggest that the actual monthly job growth rate is more likely to be between 200,000 and 240,000, a reasonable figure in an expanding economy, implying that the precise details (the ‘devil’) can sometimes be questionable.

Initially, Bitcoin experienced a sudden increase of roughly 1%, reaching up to $60,000 due to recent data releases. However, this surge was short-lived and it soon returned to its trend of stable decline or drop from the previous days. At the moment of writing, Bitcoin is being traded at approximately $59,300, marking a 0.4% decrease in value over the last 24 hours.