Limited Impact of Non-Farm Data on Bitcoin Prices, Fluctuation Around 2.1%

Since January 2020, the average fluctuation of Bitcoin on the day U.S. Non-Farm Payroll (NFP) data is released has been only about 2.1%, which is roughly consistent with the regular fluctuation levels on non-NFP days. In the 79 instances of NFP data releases, Bitcoin closed up 39 times and down 40 times, with the direction distribution nearly even. The largest single-day increase occurred on February 4, 2022 (up 11.4%), while the largest decrease was on March 4, 2022 (down 7.8%). CoinDesk believes that for day traders, the predictive value of non-farm data on Bitcoin's movements is limited.

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