Bitcoin rallied following a weaker-than-expected US jobs report for January, with retail investors accelerating their accumulation of the cryptocurrency. The report showed a decrease in non-farm payrolls to 143,000, compared to expectations of 169,000.
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Glassnode has revealed that retail investors have accelerated accumulating BTC recently. Since the middle of December, they have been stacking 10,627 Bitcoins per day. That constitutes $1,055,958,762 at the current BTC/USD exchange rate.This accumulation pace is roughly 72% faster than what they bought per day on average last year – 6,177 BTC daily. This amount of Bitcoin is currently worth $613,781,620 in fiat.
The just released non-farm payrolls report has shown that in January the number of jobs constituted 143,000, which was lower that anticipated by experts – 169,000. This has been the lowest result since October last year, according to the data provided by crypto market commentator and journalist Colin Wu.
The United States announced that the number of new non-farm payrolls in January was 143,000, lower than the expected 169,000, the lowest since October last year. The unemployment rate in January was 4%, expected to be 4.10%, and the previous value was 4.10%.Traditionally, lower jobs report causes investors to turn away from traditional safe-haven assets and makes Bitcoin more attractive for them. As the report was released, the world’s largest cryptocurrency BTC surged by 3.
However, a red candle followed on an hourly chart and at the time of this writing, Bitcoin is changing hands at $98,544 per coin.
BITCOIN RETAIL INVESTORS JOBS REPORT US ECONOMY CRYPTO MARKET
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