#NFPCryptoImpact The US nonfarm payrolls (NFP) report for December, due out today, is expected to show 153,000 new jobs, down from 227,000 in November. The unemployment rate is likely to remain at 4.2%. The report offers key insight into the US labor market and could influence Federal Reserve policy.

Bitcoin (BTC) has been volatile, surging past $100,000 earlier this week before falling back to around $94,215. The fluctuations have been linked to strong economic data, rising Treasury yields and waning expectations for a Fed rate cut.

Historically, Bitcoin’s price has reacted to NFP data. One study found that when the jobs number beats expectations, BTC rises an average of 0.74%. When the data falls short, BTC falls by the same percentage.

If today’s report shows fewer jobs than expected, a cooling labor market could prompt a Fed rate cut, boosting Bitcoin’s appeal as a risk-on asset. However, a strong jobs number could reduce the likelihood of a cut, putting downward pressure on BTC prices.

In conclusion, the NFP report may shape Bitcoin’s short-term movement. A weaker report could push prices higher, while a strong one could point to a decline. Investors should pay close attention to the data and Fed signals.