Bitcoin Slips as US Economy Added a Strong 263K Jobs in November

Employers added 263,000 jobs in November, down from an upwardly revised 284,000 in October but topping expectations of 200,000 as the U.S. economy continues to show signs of strength. The unemployment rate remained at 3.7%, inline with expectations.

Bitcoin (BTC) has slipped about $200 on the news to $16,830. The monthly employment report has become key for traders as it influences the U.S. Federal Reserve’s monetary policy decisions, with higher rates this year among the factors behind the crypto bear market.

“The labor market which is especially important for inflation … shows only tentative signs of rebalancing and wage growth remains well above levels that were consistent with 2% inflation over time,” Fed Chair Jay Powell said during an event at the Brookings Institution in Washington D.C. on Wednesday. “So despite some promising developments, we have a long way to go in restoring price stability.”