US Nonfarm Payrolls Rise in December
The US Bureau of Labor Statistics has reported that employers added 216,000 jobs in December, which had a muted impact on the crypto markets. The unemployment rate remained at 3.7%, while average hourly earnings increased by 0.4% monthly.
The number of new jobs exceeded economists’ expectations and suggests that the Federal Reserve may not cut interest rates soon. Higher wage growth can drive inflation, so the Fed is cautious about cutting rates before optimal job conditions are reached.
Bitcoin ETF Approval Anticipated
The recent nonfarm payrolls report had a minimal effect on the crypto markets, but traders are eagerly awaiting the approval of Bitcoin exchange-traded funds (ETFs). The stock market responded bearishly to the report, as traders reduced their bets on stocks.
According to Fox Business, the US Securities and Exchange Commission (SEC) may start approving Bitcoin ETFs soon. This could fuel institutional demand for Bitcoin and have a significant impact on its price.
Hot Take: Crypto Markets Await Bitcoin ETF Approval
The recent nonfarm payrolls report in the US had a limited impact on the crypto markets, as traders are more focused on the anticipated approval of Bitcoin ETFs. With employers adding more jobs than expected, the chances of the Federal Reserve cutting interest rates soon have decreased.
Meanwhile, traders are closely watching for any news regarding Bitcoin ETF approvals by the SEC. If approved, these ETFs could attract institutional investors and have a significant influence on Bitcoin’s price.
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