US Adds 29,000 Jobs in September, Bitcoin and Gold Surge

The US added just 29,000 jobs in September, significantly below the expected 90,000, while the unemployment rate rose to 4.2%, higher than the anticipated 4.1%. The Bureau of Labor Statistics released these figures at 8:30 a.m. ET on Friday, noting that hiring remained stagnant across major industries. Following the report, Bitcoin (BTC) surged from approximately 86450 to nearly 87230, last trading at 86767, up 3.48% in a day. Gold also saw a rise, climbing from about 4178 to 4227 per ounce. This increase in Bitcoin and gold prices came despite the disappointing job numbers, as traders betting against Bitcoin faced significant losses. In the past hour, 32510000 in bets were liquidated, with 27530000 from those expecting a price drop, including 20500000 in Bitcoin losses. The Federal Reserve, which raised interest rates in September, is now faced with a weakening job market as it approaches a potential rate hike in December.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.