Bitcoin price recovers $70,000 despite weaker-than-expected US jobs data

In the latest jobs report ahead of the 2024 US presidential election, the world’s largest economy described cautionary data.

The country added just 12,000 jobs in October, a tenth of the 120,000 expected by economists.

Reports on the matter blamed the weak October data on the two recent hurricanes that hit some US states and the strike at Boeing.

Still, the 12,000 figure is not only well below expectations, but also well below the 223,000 jobs added in September, which was the best month this year since March. Also, the average number of monthly jobs gained in 2024 stood at roughly 200,000 before the October decline.

This report has considerable significance for the US as the country prepares for the next presidential election that will take place in a few days, on November 5th.

Republican candidate Donald Trump faced Democrat and current vice president Kamala Harris. According to Polymarket, Trump has a substantial lead over Harris, but most other general election polls show a different result.

The price of Bitcoin reacted quite surprisingly to the unfavorable news for the US economy, jumping above $70,000. Remember that the asset had fallen from $72,000 to less than $69,000 earlier today.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!