In January, the U.S. economy added 143,000 jobs, falling short of the expected 170,000 and a significant drop from December’s 256,000. Despite this, the unemployment rate improved to 4% from 4.1%. Average hourly earnings also exceeded expectations, rising by 0.5% against a forecast of 0.3%. Following the release of this data, Bitcoin’s value soared above $98,500. The likelihood of the Federal Reserve cutting interest rates in March dropped to 8% from 15%. Over the last four months of 2024, the Fed had already reduced the fed funds rate by 100 basis points. However, recent strong economic and inflation data have led to a reevaluation of expectations for further rate cuts in 2025.
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