US job growth in March was 228,000, below the forecast of 135,000.

Bitcoin shows little sign of stability as markets decline in response to tariffs.

James Van Straten | Edited by Stephen Alpher Updated April 4, 2025, 1:04 pm Published April 4, 2025, 12:33 pm

What is important to know:

• In March, nonfarm payrolls increased by 228,000, beating expectations of 135,000. However, the unemployment rate rose to 4.2%.
• Markets continue to come under intense pressure, with futures on major US stock indexes falling another 3% on Friday ahead of the jobs data, following historic falls the previous day.
• With markets plummeting, Bitcoin is starting to show at least some signs that it can function as a safe-haven asset.

The U.S. employment situation continued to develop positively in March, adding another layer to the picture as the Federal Reserve mulls the direction of short-term interest rates in an environment that has changed significantly over the past 48 hours.

Nonfarm payrolls rose by 228,000 last month, the Bureau of Labor Statistics reported Friday morning. Economists had forecast a gain of only 135,000, following a 117,000-job gain in February (revised from an initial estimate of 151,000).

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However, the unemployment rate rose slightly to 4.2% in March, compared with the economists' consensus forecast of 4.1% and the February reading of 4.1%.

The price of Bitcoin (BTC) was little changed in the minutes following the report's release, sitting at $82,600.

Ahead of the jobs report, the CME FedWatch Tool, which measures market expectations for Federal Reserve policy, has priced in four rate cuts for 2025, which would bring the federal funds rate down to the target range of 3.25% to 3.50%. While the Fed is expected to leave rates unchanged at its May meeting, market participants are increasingly betting on a cut in June, with current odds at 60%.

All of this, of course, comes as Trump’s tariff announcements Wednesday night sent markets into historic turmoil. The Nasdaq fell 6% on Thursday, and the S&P 500 nearly lost 5%. Hopes for some kind of rebound on Friday were dashed hours earlier when China announced retaliatory tariffs. Ahead of the jobs data, Nasdaq and S&P futures were pointing to an opening down about 3%.

Bitcoin: A Safe Haven Asset?

It’s no surprise that gold has become one of the assets investors are looking to take refuge in. While it has eased slightly since the tariff announcement, it remains very close to its all-time high of around $3,200 an ounce. It’s also no surprise that U.S. Treasuries have seen significant demand, with the 10-year yield falling to 3.89% ahead of this morning’s jobs news, now down nearly 100 basis points since President Trump’s inauguration.

Bitcoin bulls may have been disappointed with the cryptocurrency's performance in recent weeks, as the price appeared to be moving in lockstep with the falling Nasdaq. However, signs of decoupling may be starting to emerge. On Thursday, Bitcoin was able to hold

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