Bitcoin Price Reclaims $70K Despite Weaker-Than-Expected US Jobs Data

In the latest jobs report released ahead of the 2024 US presidential elections, the data indicated troubling signs for the world's largest economy. The U.S. added only 12,000 jobs in October, significantly lower than the anticipated 120,000 jobs projected by economists.

• The disappointing figures were attributed to the impact of two recent hurricanes affecting several states and a strike at Boeing.

• This number is not only a stark contrast to expectations but also falls drastically short of the 223,000 jobs added in September, which was the strongest month of the year since March.

• On average, the monthly job gains in 2024 had been around 200,000 before this October decline.

Implications for the Upcoming Elections

This report carries substantial weight as the U.S. prepares for the presidential elections scheduled for November 5. Republican candidate Donald Trump is set to face off against the current Vice President, Kamala Harris. According to Polymarket, Trump holds a notable lead over Harris, although other polling sources indicate a different narrative.

Bitcoin's Unexpected Reaction

Surprisingly, Bitcoin's price reacted positively to the unfavorable economic news, reclaiming the $70,000 mark. Earlier in the day, the cryptocurrency had dropped from $72,000 to below $69,000, but it rebounded to surpass the $70K threshold.

Despite the disappointing jobs data, Bitcoin's resilience highlights its potential to thrive even in adverse economic conditions. As the election approaches, market dynamics will likely continue to evolve.