![Bitcoin price dive](https://images.cointelegraph.com/cdn-cgi/image/format=auto,onerror=redirect,quality=90,width=840/https://s3.cointelegraph.com/uploads/2023-10/c15ef103-4f3e-4767-9986-bde3d147b256.jpg)
– Bitcoin (BTC) fell by 2.1% in a single hourly candle as US employment data sparked market volatility.
– The volatility occurred due to the release of US non-farm payrolls (NFP) data, which showed a higher-than-expected number of jobs added in September.
– The strong job growth raised concerns about potential interest rate hikes by the Federal Reserve, leading to a negative impact on risk assets, including cryptocurrencies.
– Traders believe that the Fed is likely to announce another rate hike at its November meeting of the Federal Open Market Committee.
– Bitcoin’s open interest declined following the release of the jobs data, as spot and derivatives traders reacted to the market volatility.
– The declining open interest suggests a return to more average and healthy levels for Bitcoin.
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