Interest rate cuts, increases in the M2 money supply, structural deficits, and geopolitical tensions typically drive Bitcoin’s price higher.
Non-farm payroll data for November was higher than expected. However, the data also revealed an accompanying uptick in unemployment, which could pressure the Federal Reserve to cut interest rates later this month.
According to analysts, the likely interest rate cuts may spur investor appetite for Bitcoin (BTC).
A total of 227,000 new jobs were added for November, beating expectations of 220,000, as unemployment rose to 4.2%. In a statement to Cointelegraph, Zach Pandl, head of research at Grayscale Investments, wrote:
