Summary
TLDR: Cryptocurrencies dipped as stocks bounced in pre-market trading after US economy added 303,000 jobs in March, surpassing expectations. Bitcoin and ether lost 1% and 3%, respectively. Strong economic data may halt rate cuts, leading to cautious optimism in the markets. Traders are reminded that the jobs report is just one data point among many.
Key Points
1. Cryptocurrencies erased gains while stocks bounced in pre-market trading Friday morning after jobs data came in far higher than expected.
2. The US economy added 303,000 jobs in March, far surpassing the expected figure of 212,000, data from the Bureau of Labor Statistics released Friday showed. February’s jobs numbers also surprised to the upside — the BLS reported that the economy added 275,000 jobs when economists had only expected 198,000.
3. The unemployment rate fell to 3.8% in March, just shy of the 3.9% figure economists had called for.