Earlier Friday, the government reported a sizable slowdown in the U.S. employment market, with just 12,000 jobs created in October, the weakest jobs growth since late 2020. This number, however, could be set for a reversal in November or a revision higher as the Bureau of Labor Statistics works out how the flooding in the Southeast may have affected the data.
Though the price action in crypto has been disappointing to close the week, it's been a strong month for the sector - bitcoin, for instance, remains higher by nearly 15% over the past 30 days.
CoinDesk analyst James Van Straten noted the renewed interest of late in the U.S.-based spot bitcoin ETFs. The history isn't a long one - they only launched on Jan. 11 of this year - but large net inflows into these products have often marked local tops in prices.
The bond market, however, isn't buying the reported weakness, with the 10-year U.S. Treasury yield rising six basis points to 4.38%, its highest level in four months.
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