After relatively muted trading over the past few days, BTC-USD has jumped close to the critical $600 psychological level in today’s trading session.
The reversal initially started on Friday following weak economic data from the US, which negatively impacted sentiment toward the US Dollar. The Non-Farm Payrolls showed 151,000 job additions versus a forecast of 180,000. BTC-USD was able to make a reversal, as shown below, with bullish momentum intensifying today.
#BTC Jumps on Weak US Non Farm Payrolls..#crypto #trading #bitcoin #BTCUSD pic.twitter.com/hsyfIZuKvG
— BTCMANAGER (@btc_manager) September 2, 2016
As a result of the weaker than expected labour market growth, an interest rate hike from the Federal Reserve now looks dead in the water for 2016. Investors will look to move away from the US Dollar toward other assets, with bitcoin being the most favourable in a time of uncertainty with regard to the future path of monetary policy.
Another positive development emerged from the Bitfinex scandal. After a string of bad news, the company has paid out some of the victims for the first time compensating for the loss. By purchasing 1 percent of all BFX tokens available, which were purchased above the