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Bitcoin has staged a remarkable recovery, climbing above $70,000 despite disappointing US jobs data. The cryptocurrency surged over $1,000 after the release of the October jobs report, which revealed a stark decline in job growth.
The US economy added a mere 12,000 jobs last month, a fraction of the 120,000 expected by economists. This marked a significant slowdown from September’s robust 223,000 job gains and the 200,000 monthly average for 2024.
While the weak figures can be attributed to factors such as hurricanes and the Boeing strike, the report carries weight as the US heads towards its presidential elections. The outcome of the election, with a tight race between the Republican candidate and the Democrat, could significantly impact economic policies and market sentiment.
Despite the bearish economic news, Bitcoin’s surge underscores its increasing independence from traditional financial markets.