The Bureau of Labor Statistics published its report in which the number of new jobs was high than anticipated but still not enough to indicate any recovery of the economy. 263 thousand new jobs can be seen as a good sign considering that the Bureau expected way less, but it is still not a number that suggests that the US economy is done with the crisis. On the contrary, the negative effects of the global recession seem to be worsening.
Bitcoin follows the market
While many experts said multiple times that BTC is performing better than stocks and that there is a visible divergence between indices and the price of BTC, it is hard to deny that Bitcoin is quite dependent on many economic factors and can change its course due to bad and good news just like any other asset. The flagship token of the crypto industry lost over 3% by the end of the day and, at the time of writing, is trading at $19,470.
The unpredictability and uncertainty that have been plaguing the whole market since the end of May make it impossible to forecast what will happen in the nearest future. Just a couple of days ago, analysts were talking about a potential recovery and a new Bull run that would indicate that BTC is indeed becoming a haven for people hedging against inflation.
We do not know whether it is true that the general sentiment in the industry is that Bitcoin is more attractive to investors looking for safe hedging options.
The Bureau of Labor Statistics also reported that the unemployment rate is lower than in August, but the level of labor force participation is also decreasing which can be correlated with changes.
The real test is coming this winter
Bitcoin will be tested against the stock market and inflation by winter when the whole world will be dealing with skyrocketing energy prices and a reduction in global trade. The US inflation may reach new highs and force investors to buy BTC, ETH, and other tokens just to keep their money safe. If it happens, we will see a new Bull Run very soon.
