US Non-Farm Payroll Data Released: How Did Bitcoin React? - Coin Bulletin

After the non-farm payroll data in the US came in above expectations, a rapid rise was seen in the price of Bitcoin (BTC).

One of the most important data points of the US economy, the non-farm payroll report, was released today at 3:30 PM. In April, an increase of 177 thousand jobs was recorded. The market expectation was at the 138 thousand level. The previous month’s data was at the 228 thousand level. The data exceeding expectations indicated that the US economy is more resilient than expected, creating a positive atmosphere in the markets and bringing purchases to risky assets.

Immediately after the data, Bitcoin price rose from 96,780 dollars to 97,150 dollars in a short time. Similarly, Ethereum (ETH) quickly rose from 1,830 dollars to 1,845 dollars after the data was released. The US dollar gained value after strong employment data, and the dollar index rose from 99.76 to 100.0 prior to the data.

(# Why did the Dollar and Bitcoin rise at the same time?

Generally, there is an inverse correlation between the dollar index )DXY### and Bitcoin, while an interesting situation occurred in today’s volatility where both assets gained value simultaneously. Analysts indicate that this situation may be attributed to investors’ increased short-term risk appetite in line with strong economic data. On the other hand, the ongoing uncertainty regarding the US Federal Reserve’s (FED) interest rate policy suggests that volatility in the markets may continue. Therefore, investors are expected to closely monitor the upcoming FED meetings.