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

With the employment data coming in well above expectations, the Bitcoin price fell sharply.

The non-farm payroll data from the US brought the expected volatility to the cryptocurrency market. According to the data released today at 15:30, there was an employment increase of 228,000 in March. The market expectation was only 137,000. The fact that the announced figure was so high led to an appreciation of the dollar, causing a decline in leading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

Immediately after the data was released, the price of Bitcoin fell from $83,500 to $82,500. The price of Ethereum also dropped similarly, decreasing from $1,805 to $1,784. The employment data, which came in above expectations, increased the likelihood that the Federal Reserve would postpone its interest rate cut, leading to selling pressure in risky assets. Economic indicators like this, which shape the Federal Reserve's monetary policy, play a crucial role in helping investors determine their direction.

(# Dollar gained strength

After the data, the dollar index )DXY### rose. Before the announcement, DXY was at 101.8, and after the data, it rose to 101.99. The rise of DXY is putting pressure on the cryptocurrency market due to its inverse correlation with Bitcoin. Experts state that the strong employment data has weakened the likelihood of the FED making a rate cut in the short term, and this situation has increased the demand for dollars.