The latest unemployment data from the United States excited Bitcoin investors. In January, non -agricultural employment remained below expectations and the unemployment rate fell. So, how can this affect the price of bitcoin? Investors think that this development can carry BTC to new summits.
US unemployment data and its impact on Bitcoin
The US Department of Labor announced that non -agricultural employment increased by 143,000 people. The market expectation was 169,000, so data remained below expectations. At the same time, the unemployment rate fell to 4 %.
This development may affect the decisions of the US Federal Reserve (FED) interest rate cuts. When interest rates increase, risky assets become more attractive. Therefore, investors think that Bitcoin may be positively affected by this development.
US economic data and markets
Generally, low employment data provides the Fed space to reduce interest rates. However, the FED President Jerome Powell is cautious in reducing interest rates immediately. The market is currently waiting for two interest rate reductions this year and the first one can come in the second half of the year.
On the other hand, the US 10 -year bond interest rate rose to 4.471 %, while the dollar index increased to 107.790. This shows that the market is still cautious. However, for crypto investors, this may be an opportunity for Bitcoin to rise.
What does Bitcoin mean for the price?
Falling employment data is usually interpreted as a bull signal for Bitcoin and other crypto beings. Market experts think that Bitcoin can react positively to this development. As a matter of fact, the price of BTC rose from $ 95.707 to $ 98.497. Open positions in Bitcoin futures have also increased. This shows that investors’ interest in Bitcoin has increased. However, there may be fluctuations in the market due to BTC and ETH options that are matched today.
Crypto Analyst Mister Crypto said US unemployment data is a bull signal for crypto ”. Whether this rise in the price of Bitcoin will continue, and how investors and FED will take place in the coming weeks. Investors should continue to follow the market carefully.
