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US Jobs Report Shows Gain of 467,000 in January, Exceeding Expectations

Bitcoin traded slightly lower after the report, as the number keeps pressure on Fed to tighten.

Actualizado 11 may 2023, 4:58 p. .m.. Publicado 4 feb 2022, 2:01 p. .m.. Traducido por IA
Large group of business people (gremlin/Getty)
Large group of business people (gremlin/Getty)

The U.S. added 467,000 jobs in January, widely beating economists' forecasts as employers scrambled to cope with the Omicron variant as well as an unusually tight labor market.

Bitcoin was trading slightly lower after the report, possibly because the faster-than-expected jobs growth might keep pressure on the Federal Reserve to tighten monetary conditions – seen as a negative in cryptocurrency markets.

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The U.S. Labor Department's Bureau of Labor Statistics published its latest employment situation report Friday in a statement. The January number was much higher than economists' average estimate of 150,000 in a Dow Jones survey, though some economists had warned that the variability from Omicron and other data-related issues might make the latest report harder to analyze.

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"Employment growth continued in leisure and hospitality, in professional and business services, in retail trade, and in transportation and warehousing," the bureau said.

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Crypto traders were monitoring the report because many investors see bitcoin as a hedge against inflation, and a tighter jobs market could put upward pressure on wages – which businesses might in turn try to pass through to consumers in the form of higher retail prices.

Bitcoin was down 1% in the minutes after the report was released to about $37,500.

The number of jobs added in December was revised higher by 311,000 jobs to 510,000.

Unemployment rate

The unemployment rate was "little changed" at 4% in December, according to the report.

A hot labor market could put pressure on the Fed to raise interest rates sooner than later, as more spending could drive inflation up even higher. More pressure from the Fed could weaken bitcoin returns, according to some analysts.

“If the data suggests the Fed will need to be more aggressive with rate hikes, look out for more risk-off flow, which for the time being, will continue to have a negative impact on crypto," said Joel Kruger, market strategist at LMAX Digital.

Economists were warning even before the January jobs report came out that the data might be messy because of the unpredictable and wide-ranging impact on employers and workers from Omicron.

The count of jobs gained or lost is measured through a survey that asks employers for the number of workers they have on their payrolls during the period of measuring. That excludes workers who were out sick, or missed work for other reasons, like taking care of someone or quarantining. Those people still kept their jobs, but they weren’t accounted for in the report, which is why the number could be misleading.

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The main question now is how seriously the Fed takes the data reported this month, considering the significant measurement issues and how it will affect the central bank’s decision in the upcoming weeks.

The labor participation rate, which measures the percentage of the American population that is either working or actively looking for work, was 62.6%, up from 61.9% in December.

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Exchange Review - March 2025

Exchange Review March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.

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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.

  • Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
  • Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions. 
  • Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.

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