March Payrolls Surge to 228K, Beating Expectations of 135K

Markets Rattle from Tariffs, but Bitcoin Shows Signs of Steadying as Jobs Data Surprises

Despite global market turmoil triggered by new tariffs, Bitcoin has managed to hold its ground as investors digest stronger-than-expected U.S. employment figures and reassess Federal Reserve policy expectations.

According to the Bureau of Labor Statistics, nonfarm payrolls surged by 228,000 in March, well ahead of the 135,000 jobs economists were anticipating. February’s tally was revised lower to 117,000 from the initial 151,000, while the unemployment rate edged up to 4.2%, slightly above consensus.

Bitcoin (BTC) remained mostly flat following the release, hovering around $82,600. Though recent volatility in equity markets has spilled into crypto, the leading digital asset has shown early signs of resilience amid growing economic uncertainty.

Fed Outlook Shifts Amid Trade Shock

Prior to the jobs report, the CME FedWatch Tool showed that traders had priced in four rate cuts by year-end, with a target range of 3.25% to 3.50%. While the Federal Reserve is still expected to hold steady in May, the probability of a cut in June has climbed to 60%, reflecting rising recession risks following President Trump’s announcement of broad-based tariffs on Chinese imports.

The Nasdaq plunged 6% Thursday, and the S&P 500 fell nearly 5% — their steepest losses in years. China’s Friday morning response, slapping retaliatory tariffs on all U.S. goods, added more pressure, sending futures markets sharply lower again. Nasdaq and S&P contracts pointed to fresh 3% drops ahead of the opening bell.

Safe-Haven Status Under Review

Traditional safe havens such as gold and Treasuries saw strong inflows. Gold continues to trade just shy of its record high at $3,200 per ounce, while the U.S. 10-year Treasury yield dipped to 3.89%, down nearly 100 basis points since January.

Bitcoin’s price action, while not fully decoupled from equities, has been comparatively muted. After testing support around $80,000 on Thursday, BTC managed to stabilize — a noteworthy feat given the macro pressure weighing on risk assets.

Some analysts believe this could signal a shift in perception, as bitcoin starts behaving more like a digital hedge rather than a purely speculative asset. Others caution that further data, especially next week’s March CPI print, will be crucial in determining whether this trend has staying power.

As volatility continues to grip global markets, bitcoin’s ability to weather the storm could prove pivotal in shaping its role in the modern investment landscape.