Yesterday, the US unemployment report was released, and the markets really reacted. The figures turned out worse than expected — 92,000 jobs lost instead of the projected 59,000, and unemployment rose to 4.4% instead of the anticipated 4.3%. Bitcoin then dropped to $70k, and is now holding around $72.7k.

It’s interesting to see what happened next. After the release of this unemployment report, the entire market began to reassess the likelihood of a Fed rate cut. Before the data was published, traders estimated a 95% chance of keeping rates steady in March, but after these numbers, everything started to change. Futures on US stock indices fell — Nasdaq down 1%, S&P 500 down 0.8%. Gold and silver rose, oil gained 6%, and Treasury bonds decreased in price.

The unemployment data clearly indicated a weakening labor market. This could indeed bring the question of rate cuts back onto the agenda, especially if such weakness persists. Plus, geopolitical tensions are putting pressure on oil, which could inflate inflation expectations. It turns out that the US unemployment report could become a turning point — markets are now overestimating the entire monetary policy scenario. I’ll be watching what happens next with crypto in light of these macro changes.