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Cryptocurrencies Price Prediction: Bitcoin, NFP & AI – American Wrap 3 November

Cryptocurrencies Price Prediction: Bitcoin, NFP & AI – American Wrap 3 November
FXStreet TeamFXStreet TeamFXStreet

Bitcoin price spikes in response to US Nonfarm Payrolls for October

The US Bureau of Labor Statistics (BLS) released the highly-anticipated Nonfarm Payrolls (NFP) report early on Friday. The economy added 150,000 jobs, 30,000 below the market participants’ expectations. 

The US Federal Reserve takes NFP data as input for its decision to hike interest rates or keep them higher for longer. The cooling job market is conducive to a shift in the Fed’s stance and traders’ fears of an interest rate hike are likely to be alleviated.

BTC/USDT

Bitcoin recedes to $34.2K ahead of US Nonfarm Payrolls data

Bitcoin (BTC) is on the back foot ahead of the key U.S. data release, which could bring pain to risk assets, including cryptocurrencies.

At press time, bitcoin was changing hands at $34,235, representing a 2% drop on the day, CoinDesk data show. Prices briefly topped the $36,000 mark early this week, extending past week’s 15% surge from near $30,000.

UK AI safety summit: Musk likens AI to 'magic genie,' says no jobs needed in future

The United Kingdom’s global summit on artificial intelligence safety, the AI Safety Summit, concluded on Nov. 2 with a one-on-one chat between U.K. Prime Minister Rishi Sunak and billionaire Elon Musk. 

Musk was one of the many big names to attend the summit, including heads of OpenAI, Meta, Google and its AI division DeepMind, along with leaders from 27 countries. Musk’s nearly hour-long chat with Sunak was one of the main events of the second day.

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FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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