Bitcoin Steady as Jobs Beat Expectations, Markets Reel from Tariff Shock
The U.S. economy added 228,000 jobs in March, handily surpassing forecasts of 135,000 and reinforcing labor market strength despite rising geopolitical tensions. However, the unemployment rate ticked up slightly to 4.2%, in line with expectations.
Bitcoin (BTC) remained relatively flat following the report, trading near $82,600. The muted response stands in contrast to ongoing turmoil in traditional markets, where global trade concerns are fueling volatility.
Equity futures continued to slide after China’s retaliatory tariffs compounded the impact of President Trump’s sweeping trade measures earlier this week. On Thursday, the Nasdaq dropped 6%, while the S&P 500 shed nearly 5%.
Despite recent correlation with tech stocks, bitcoin held firm around the $80,000 mark during Thursday’s sell-off — a potential sign that the asset is beginning to decouple from broader risk trends.
Gold and Treasurys also drew investor attention as safe havens, with gold hovering near record highs and the 10-year yield falling to 3.89%, its lowest level since early January.
The strong jobs report adds a new layer of complexity to the Federal Reserve’s path forward. Markets are still pricing in four rate cuts for 2025, with the first expected in June, according to CME’s FedWatch Tool.
Next up: inflation data due next week, which could further sway policy expectations as investors navigate a fast-evolving macro landscape.
