[Market Update] Bitcoin (BTC) Temporarily Returns $100,000 Amid U.S. Labor Market Inflation Concerns

Bitcoin (BTC) has temporarily returned $100,000.

As of 11:59 PM on the 7th, BTC is trading at $99,810, down 0.77% from the previous day on the Binance USDT market (147 million KRW on Upbit exchange).

Bitcoin has been showing weakness following the U.S. inflation index announcement.

According to the November JOLTs released by the U.S. Department of Labor, the number of job openings and quits in the U.S. market was 8.098 million, exceeding the expected 7.73 million. There are concerns that inflationary pressures may increase as the labor market continues to show strong momentum.

Bloomberg reported, "The number of job openings in the U.S. in November reached about 8.1 million, the highest in six months," adding, "The labor market seems to be on a more solid footing. The recent persistence of inflation is lowering expectations for how much the U.S. can cut rates this year."

On the same day, the U.S. December Non-Manufacturing Purchasing Managers' Index (PMI) also exceeded market expectations. Reuters analyzed, "The sharp rise in the price index, a component of the Non-Manufacturing PMI, suggests that inflation has increased," and "This aligns with the U.S. Federal Reserve's prediction that there will be fewer rate cuts this year."

Meanwhile, according to Cryprice, the Kimchi Premium for major virtual assets (cryptocurrencies) including Bitcoin (BTC) is recorded at 1.35%.