Markets rethink Fed rate cuts as Bitcoin circles $44K on US jobs data

Bitcoin (BTC) tapped $40,000 after the Dec. 8 Wall Street open as United States employment data shrunk market bets on interest rate cuts.

BTC/USD 1-hour chart. Source: TradingViewBitcoin holds firm as jobs data unsettles U.S. dollar

Data from Cointelegraph Markets Pro and TradingView covered the latest BTC price action as risk assets reacted to the latest U.S. inflation cues.

Nonfarm payrolls came in above expectations at 199,000 versus 190,000, while unemployment was lower than forecast at 3.7% versus 3.9%, per an official release from the U.S. Bureau of Labor Statistics.

Both suggested that the full impact of Federal Reserve monetary tightening had yet to show itself, and while other data…

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