Bitcoin Surges to $118,000 as U.S. Employment Data Declines [Crypto Briefing]

According to The Financial News, Bitcoin (BTC) rallied to the $118,000 mark on the 2nd after employment data in the United States (U.S.) came in lower than expected.
According to CoinMarketCap, as of 10:20 a.m. on this day, BTC was trading at around $118,000, up 3.77% over the past 24 hours. Over the past week, BTC has risen by 4.79%.
In the Korean won market, BTC is trading at around KRW 168 million. According to Cryprice, a global digital asset price comparison platform, the Korea premium stands at 1.15%.
Automatic Data Processing, Inc. (ADP), a U.S. employment information provider, announced on the 1st (local time) that private sector employment in the U.S. decreased by 32,000 in September compared to the previous month. This marks the largest decline in two years and three months since March 2023, when it fell by 53,000. Experts had expected private sector employment to increase by 45,000 in September, making the actual figure much worse than anticipated.
The digital asset market is weighing the possibility of an additional rate cut by the Federal Reserve System (Fed) later this year due to the weaker employment data. When interest rates fall, investment tends to flow into assets such as digital currencies, stocks, and gold, pushing up prices. The Fed is scheduled to hold a Federal Open Market Committee (FOMC) meeting on October 28–29 (local time) to discuss potential changes to interest rates.
At the same time, Ethereum was trading at $4,357, up 4.97% from the previous day. XRP (Ripple) was up 4.97%, trading at $2.95.


yimsh0214@fnnews.com Im Sang-hyuk Reporter