Bitcoin Surges, Retreats After US Jobs Report

Generated by AI AgentCoin World
Saturday, Feb 8, 2025 6:46 am ET1min read
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Bitcoin (BTC) briefly surged above the $100,000 mark on Friday following the release of the US jobs report, only to retreat shortly thereafter. The mixed jobs data, which showed a lower unemployment rate but slower job growth, led to a pullback in BTC's price, with the cryptocurrency trading around $96,200 as of Monday.

Rich Dad Poor Dad author Robert Kiyosaki recently shared his reasons for purchasing Bitcoin and Gold, stating that holding these assets is safer than saving in fiat currencies like the US Dollar. However, some of his followers argued that other cryptocurrencies, such as Litecoin (LTC), could also be worthy investments.

Kentucky has become the 16th US state to introduce a Bitcoin reserve bill, proposing to invest 10% of state funds in digital assets with a market cap of over $750 billion. This move follows similar initiatives in other US states, which aim to diversify their financial strategies, hedge against inflation, and promote technological innovation.

The latest US jobs report from the Department of Labor revealed the addition of 143,000 jobs in January, falling short of economists' predictions of 170,000. The unemployment rate dropped from 4.1% to 4%, signaling a mixed economic picture. Bitcoin and other risk assets tend to react to labor market data, as it can influence the Federal Reserve's decisions on interest rates.

Bitcoin (BTC) price analysis shows that the cryptocurrency briefly surpassed $100,000 after the US Bureau of Labor Statistics released the January 2025 employment data. However, BTC closed all of its gains and quickly tumbled to its current level of $96,000, struggling to hold on to the level. The data showed strong wage growth last month, indicating consumers are likely to continue spending, and the unemployment rate dropped from 4.1% to 4%, suggesting the Federal Reserve could pause interest rate cuts in the short term.

Bitcoin has experienced sluggishness and increased volatility over the past week due to several economic and geopolitical developments. The cryptocurrency has traded in the red since Friday, struggling to move past $100,000. BTC encountered volatility on Friday as buyers and sellers struggled to