After an initial dip of about $200, bitcoin (BTC) has bounced to its pre-report level, currently trading at $20,700. While the headline 261,000 jobs growth suggests the U.S. Federal Reserve has plenty more to do to battle inflation, at least one economist – Dartmouth Professor Danny Blanchflower – takes note of the rising unemployment rate and a sizable decline in the household survey of 325,000 jobs. “We are now in a position … to expect the Fed to go into full reverse gear as the labor market is set to crash,” he tweeted. “Rate cuts are coming,” he added.
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