Bitcoin Falls After 517K Jobs Added in January, Beating Expectations

The U.S. added 517,000 jobs in January, reported the Bureau of Labor Statistics (BLS), a huge jump from the revised 260,000 in December, and massively beating economist forecasts for 185,000.

The unemployment rate fell to 3.4% versus 3.5% in December and against forecasts for 3.6%.

Average hourly earnings stayed the same in January at 0.3% versus December with expectations of 0.3%. On a year-over-year basis, average hourly earnings fell 4.4% versus 4.6% in December and expectations for 4.3%.

Bitcoin (BTC) fell to $23,379 in the minutes after the news.

Both traditional and crypto markets earlier this week rallied after Federal Reserve Chairman Jay Powell said " [the] disinflationary process has started" at his post-FOMC press conference.

This morning's strong payrolls report once again may dash the hopes of traders hoping that a significant deterioration in the strong employment picture might have the Fed put rate hikes on hold, and even get the central bank to think about rate cuts later in 2023.