Bitcoin (BTC)
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After dropping to $97,200, the price of Bitcoin (BTC) began to show signs of optimism. On February 7, 2025, the U.S. Bureau of Labor Statistics (BLS) released the Non-Farm Payroll data for January 2025, along with earnings and unemployment rate figures. This data has a significant impact on the cryptocurrency market.
The Non-Farm Payroll figure for January came in at 111,000, which is significantly lower than the expected 158,000. This disappointing result suggests a weakening employment sector, which is viewed as positive for cryptocurrencies. It provides support for the Federal Reserve to continue cutting interest rates. Despite the weak data, the unemployment rate remained at 4%, which is below expectations. This is a promising sign, as future data is expected to show an increase, leading to better pricing in potential rate cuts.
There have been revisions to the average monthly employment growth in the U.S. for 2024, which has been lowered from 186,000 to 166,000. It has been previously mentioned that last year’s employment figures would be revised favorably for risk markets. The markets are currently focusing on the possibility of interest rate cuts in May.
Currently, the price of BTC is around $98,500.
