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Bitcoin Slides as US Job Data Spurs Fed Rate-Cut Worries

Bitcoin Slides as US Job Data Spurs Fed Rate-Cut Worries

This week’s most anticipated U.S. employment report revealed that 272,000 new positions were created in May, contrary to market predictions. The market anxiously awaited the jobs data in the interim to get any indications about how the labor market was doing. Notably, investors regularly monitor these data plays to assess the state of the economy and make decisions regarding the possibilities for policy rates.

An Examination of U.S. Job Statistics

According to the Bureau of Labor Statistics figures, the United States added 272,000 jobs in May, up from 175,000 positions in April. Notably, the unemployment rate rose from 3.9% in the previous month to 4%, exceeding market estimates.

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In contrast, hourly wages in the United States grew by 0.4% in May, following a 0.2% increase in April. Investors anxiously awaited these employment reports for clues on probable Federal Reserve interest rate reduction choices.

Experts in the market have speculated that the unexpectedly strong non-farm job report may have dashed expectations that the Fed will adopt a dovish approach and reduce interest rates. The significant increase in non-farm employment statistics may now depress market sentiment. However, the data on increasing unemployment presents a different picture.

Higher unemployment rates typically positively affect market sentiment when combined with lower non-farm payroll data.

Will There Be A New High For Bitcoin?

According to U.S. job data, the unemployment rate and non-farm employment both incU.S.ed in May presents a mixed picture. Based on the cryptocurrency market’s recent performance, traders’ sentiment has been affected by the most recent job data.

Interest rate cuts by the European Central Bank (ECB) have raised expectations for a corresponding move by the United States Federal Reserve. However, the mood has altered in light of the most recent U.S. employment report.

The market will now closely monitor the U.S. Producer Price Index (PPI) and Consumer Price Index (CPI) for the upcoming week’s important inflation data. Furthermore, the FOMC interest-rate decision, one of the most significant events of the upcoming week, will significantly impact the market’s mood.

The U.S. 10-year Bond Yield increased 3.32% to 4.421 after the job report, while the U.S. Dollar Index increased 0.56% to $104.630. However, in a matter of minutes, the price of Bitcoin fell from a 24-hour high of almost $72,000 to $70,875.25 due to the Labor Department’s most recent data. The most recent decline in the price of Bitcoin demonstrated how investors’ risk appetite has been affected by the most current data.

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