Bitcoin gained almost 2% on Friday evening in Asia after the U.S. Bureau of Labor Statistics reported that the unemployment rate in August rose to 3.7% from 3.5% in July. The figures suggest the U.S. economy is slowing, which may influence the Federal Reserve when it meets this month to decide on raising interest rates.
See related article: Bitcoin, crypto market in the green after Fed rate hike
Bitcoin was trading at US$20,333 at press time.
Most of the top 10 cryptocurrencies, including Dogecoin, Solana, and Cardano, traded up after the announcement.
The Labor Department said employers added 315,000 jobs in August on a seasonally adjusted basis, a sharp decline from 526,000 in July.
See related article: What US Fed’s interest rate hike means for China and its CBDC
(Corrects headline, first paragraph to show rate rose to 3.7%)