– 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.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
