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The US unemployment data released today includes developments that are closely related to crypto markets. According to August data, the unemployment rate stood at 4.2%, which is a slight improvement from the previous rate of 4.3%, but the lower-than-expected non-farm employment growth indicates that economic uncertainties continue. Non-farm employment increased by only 142 thousand, below expectations of 164 thousand, indicating a slowdown in the US labor market.
This data may affect the interest rate policies of the US Federal Reserve (Fed). The softening in the labor market increases the likelihood that the Fed will cut interest rates in the coming period. Interest rate cuts can generally increase demand for risky assets, which can lead to positive movements in the prices of Bitcoin and other crypto assets. However, the uncertain economic outlook can also cause increased volatility in crypto markets, so investors may need to be cautious.
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The performance of crypto assets will be closely monitored, especially following these developments in the US economy. The Fed’s interest rate decisions may revive investors’ interest in crypto or cause fluctuations.
Bitcoin After Unemployment Data
Bitcoin lost the $58,000 level after the unemployment data was announced. Bitcoin, which jumped to 56,800 and rose to $58,000 after the CPI, which is one of the important data for the market, came true as expected yesterday, could not maintain the levels it gained after the data today.
The critical point for Bitcoin right now is the $57,700 level, if it cannot hold on here, the decline may deepen even further and go to the $57,000 and $56,800 regions.