The January US jobs report indicated the inherent strength of the labor market amid concerns of high inflation in the country. This could potentially have a significant bearing in the Federal Reserve‘s interest rate hike decisions in the coming months. However, the nominal wage growth declined to 4.4 percent, the lowest yearly rate since August 2021. Meanwhile, the Bitcoin (BTC) price showed an immediate negative reaction to the robust jobs data.
In reaction to the January jobs report, the U.S. Dollar Index (DXY) rose significantly on Friday. As of writing, DXY stands at 102.59, up 0.83%. Owing to the Dollar’s inverse relation to Bitcoin, the BTC price decline after the data release. However, Bitcoin price swiftly recovered from the loss, to the $23,600 range. As of writing, BTC price stands at $23,403, down by 1.637% in the last 24 hours, according to CoinGape price tracker. In January, there were as many as 517,000 jobs added to the economy, which was above expectations.
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