The most current report on nonfarm payrolls from the Bureau of Labor Statistics indicates that the United States added 517,000 jobs for the month of January. Although this is higher number than the previously reported 223,000 jobs in December, it’s much greater than the 118,000 jobs that economists had expected would be added. The unemployment rate has been reported to be 3.4%, which is significantly lower than the assumption that it would remain constant at 3.6%.

In minutes following the release of the unemployment news, the price of Bitcoin (BTC) remained unchanged at $23,353. With the headline number of 517,000 new jobs gained, the crypto market has slightly slid into the red zone as per Coingape’s crypto tracker.

(By Pratik Bhuyan)