US Payroll Data Is Out — Here’s How Bitcoin Reacted

Meanwhile, the unemployment rate held steady at 4.2%, in line with forecasts and unchanged from the previous month.Markets responded swiftly. U.S. stock futures surged, with the S&P 500 rising 1.13% in premarket trading. The upbeat data suggests the U.S. economy remains resilient, easing concerns about a deeper slowdown and raising speculation over the Federal Reserve’s next move on interest rates.Bitcoin also reacted positively to the news. The flagship cryptocurrency climbed back to $97,106 in the following 30 minutes after the news. Market capitalization hit $1.92 trillion, while the daily trading volume hovered just under $30 billion. The rebound aligns with renewed investor optimism across risk assets as economic data tempers fears of an immediate recession.With circulating supply nearing its 21 million BTC cap — now at 19.85 million — Bitcoin’s scarcity narrative may continue to fuel upward momentum, particularly if broader macro conditions remain favorable heading into May.The post US Payroll Data Is Out — Here’s How Bitcoin Reacted appeared first on Coindoo.