Bitcoin holds near $76,000 as stock bounce fades after strong jobs report
Bitcoin flat near $75,750 at the close
Bitcoin, the largest cryptocurrency, held just under $76,000 on Friday, Nov. 6, after a small rise in U.S. stocks lost steam into the close.
Bitcoin traded at about $75,750 at the close. That was close to the price when stocks closed on Thursday. During the session it drifted down to $75,400.
Key numbers from the session
- Bitcoin: about $75,750, with a low near $75,400.
- Nasdaq: up 1.1% on the day, after rising more than 2% earlier.
- S&P 500: up 0.3%.
- Dow Jones Industrial Average: down 0.45%.
- Semiconductor ETF (SOXX): up 3%, but down more than 14% for the week.
- 10-year U.S. Treasury yield: 4.877% early in trading, up 4.7 basis points. A basis point is one hundredth of a percentage point.
Strong October jobs report
The U.S. government said the economy added 165,000 jobs in October. Economists had forecast 65,000.
September's gain was revised up to 60,000 from 29,000. The unemployment rate fell to 4.1%, compared with a forecast of 4.2%.
Average hourly earnings rose 0.4% in October. That was above the 0.3% forecast.
After the report, the reported odds of a Federal Reserve rate hike in December rose to 77% on Friday morning. The source said the odds had fallen below 70% during Thursday's market fall, and were about 95% a few weeks ago.
What the updates say about stocks and crypto
Thursday was a sharp fall for stocks. The Nasdaq fell 5.5%, the S&P 500 lost 4%, and the Dow lost 3%, according to the close summary.
Friday's early rebound was led by chip stocks. The semiconductor ETF rose 6.5% early, after a double-digit fall on Thursday. It later closed up 3%.
Crypto moved in a tight range. The source said Bitcoin was at its weakest since a Federal Reserve rate hike in mid-September, and a break below $75,000 would take it back to levels seen in mid-August.
Morgan Stanley's derivatives team said U.S. long/short hedge fund net leverage fell 5% day over day. It said that was the fifth-largest single-day fall since 2010, and that net leverage is now in the bottom tenth since 2010. Leverage means using borrowed money to increase exposure.
Other items in the live updates
IREN rose 20% after quarterly results. The company said it expanded a deal with a major AI company and received prepayment for some GPU costs. It now expects to reach its $4 billion annualized revenue target early next year, earlier than its previous December target. Other data center names, including Keel Infrastructure, Bitdeer, Riot Platforms and Hut 8, rose 5% to 8%, but the group remains down 50% or more in recent weeks.
OpenAI Chief Financial Officer Sarah Friar told CNBC that OpenAI will keep investing in AI data centers and will continue to raise capital to meet customer demand. She said the elections did not dramatically change its plans.
President Donald Trump said on Truth Social that Susie Wiles is leaving as chief of staff. He said Stephen Miller, the current deputy chief of staff, will replace her.
What is confirmed and what comes next
The jobs figures, stock closes, Bitcoin price and company statements above are reported from the supplied live updates. The December rate hike odds are market pricing reported in the source, not a Federal Reserve decision.
The source said next week's consumer price index (CPI) and producer price index (PPI) reports will also be important for the Federal Reserve's December decision. CPI and PPI measure changes in prices.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.