Bitcoin Taps 5-Day Peak on Higher Than Expected US Job Report

The US beat the expectations in terms of new nonfarm jobs reaching 261,000 such positions in October, rather than the estimated 205,000.

Bitcoin reacted with immediate price fluctuations, dropping by a few hundred dollars before shooting up to a five-day high.

• CryptoPotato warned recently that there’re four major events coming at the start of November that could bring enhanced volatility to the crypto markets.
• The first – FOMC meeting – took place on Wednesday and the Federal Reserve increased the key interest rates by 75 basis points – exactly as expected. Nevertheless, this sent BTC on a $1,000 rollercoaster that resulted in almost breaking below $20,000.
• Earlier today, the world’s largest economy posted the results for nonfarm jobs in October, beating the estimations.
• However, the unemployment rate also increased to 3.7%, and the broader jobless measure jumped to 6.8%.
• Bitcoin’s price first dropped from $20,700 to $20,400 before surging to $20,900 (on Bitstamp). This became the asset’s highest price tag since last Sunday.
• With the midterm elections right around the corner, bitcoin could be headed for another volatile week soon.