January Nonfarm Payrolls Rise To 130k, Bitcoin Climbs

The January U.S. Jobs report has come in strong, signaling that the labor market is indeed rebounding. Notably, nonfarm payrolls came in well above expectations, crushing expectations for a rate cut anytime soon. However, Bitcoin sharply climbed above $67,000 despite the strong jobs data.

U.S. Jobs Report Comes In Strong, Bitcoin Climbs Above $67,000

Bureau of Labor Statistics data shows that the U.S. added 130,000 jobs in January, way above expectations of 65,000. This marks the highest figure since April 2025. Meanwhile, the unemployment rate fell to 4.3%, below estimates of 4.4%.

CoinGape had earlier reported Wall Street’s forecast that nonfarm payrolls would come in at around 70,000, up from 50,000 in December. This latest jobs report is significant as it strengthens the Fed’s case to hold rates steady with the labor market rebounding.

Bitcoin had fallen to around $66,000 earlier in the day as crypto traders awaited this report. However, the flagship crypto quickly rebounded above $67,000 following the report, which is typically bearish for risk assets. TradingView data shows that the leading crypto is currently trading at around $67,800, still down on the day.

Following the strong jobs report, traders are further cutting their bets on a Fed rate cut. CME FedWatch data shows that there is now a 94% chance that the Fed will hold rates steady at the March FOMC meeting. The odds of a March rate cut had climbed to as high as 20% last week following the weak jobless claims and JOLTS job opening report. However, there is now only a 6% chance they will lower rates by 25 basis points at the March meeting.

Crypto traders are also betting on the Fed holding rates steady at the March FOMC meeting. Polymarket shows only a 9% chance they will cut rates. It is worth noting that these traders do not expect a rate cut until the June FOMC meeting.