“U.S. job growth blew past expectations in September painting a rosy pre-shutdown picture and delivering the largest jobs gain in five months,” Isaac Stell, investment manager at Wealth Club, said via email.

The jobs data, originally scheduled for October 3 but delayed by the government shutdown, showed the economy added 119,000 jobs in September and is the latest snapshot of the labor market that Fed officials have when they meet to set interest rates on December 9.

“Despite the data already being out of date, this will be the only major jobs release prior to the Fed’s end of year meeting,” Stell said.

Earlier, minutes from the last Fed meeting showed officials were already divided about whether to cut or hold interest rates.

“Given the Fed minutes showed hesitancy within the ranks when it comes to a final interest rate cut in 2025, the strength of this jobs report will likely ensure nothing changes,” Stell said. “So, the sleigh bells will not be ringing this December at the Fed. Instead of a perfectly wrapped rate cut, the U.S. consumer is likely to be met with a lump of coal.”

Sign up now for CryptoCodex—A free crypto newsletter that will get you ahead of the market

The odds of a December interest rate cut have fallen sharply in recent weeks, according to the CME’s FedWatch tracker, with traders now pricing the possibility of a rate cut at just 40% and delivering a serious blow to the bitcoin price and wider crypto market that is teetering on a knife edge.

“The crypto market remains pessimistic, reacting eagerly to negative news and quickly deflating on positive news,” Alex Kuptsikevich, FxPro chief market analyst, said in emailed comments, adding that “in such conditions, it is only a matter of days before the bears find stop-out levels, triggering a self-sustaining avalanche of sell-offs.”