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

In the latest jobs report before the 2024 US presidential elections, the world’s largest economy outlined warning data.

The country added only 12,000 jobs in October, which is one-tenth of the expected 120,000 by economists.

The reports on the matter blamed the weak data for October on the two recent hurricanes that hit a few US states and the strike at Boeing.

Still, the figure of 12,000 is not only a lot less than expectations but also massively below the 223,000 jobs added in September, which was the best month this year since March. Moreover, the average number of jobs gained monthly in 2024 stood at approximately 200,000 before the October slump.

This report has a considerable meaning for the US as the country prepares for the upcoming presidential elections that will take place in just a few days, on November 5.

Republican candidate Donald Trump faced the Democrat and current Vice-President, Kamala Harris. According to Polymarket, Trump has a substantial lead over Harris, but most other general polling stations showcase a different outcome.

Bitcoin’s price reacted rather surprisingly to the unfavorable news for the US economy, by jumping above $70,000. Recall that the asset had tumbled from $72,000 to under $69,000 earlier today.