The cryptocurrency market has taken a dip today following the latest release of the latest U.S. jobs report
, the world’s largest cryptocurrency, slipped lower following the release of a bombshell jobs report by the US Bureau of Labor Statistics.
The U.S. economy managed to add an astonishing 517,000 new jobs last month, which is more than double what was predicted by analysts. It is worth noting that economists predicted 188,000 new jobs and a 3.6% unemployment rate.Bitcoin declined together with U.S. equity futures. The tech-heavy Nasdaq 100 is down more than 2%.
Risk assets dipped lower since investors now expect the Federal Reserve to continue hiking interest rates to battle inflation. , the Fed recently hiked the benchmark interest rate by a quarter percentage basis point, with Chairman Jerome Powell signaling that there would be no dovish pivot. While the recent jobs report might disappoint the Fed, which has been trying to cool the labor market with several consecutive rate hikes, it is a win for the Biden administration since the exceptionally strong labor market has put a major dent in the recession narrative:
"President Biden and Congressional Democrats’ relentless focus on economic policies that put American workers and families first continues to pay off," US Representative Brendan Boyle commented on the stronger-than-expected numbers.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin, Ethereum Technical Analysis: ETH, BTC Marginally Higher Ahead of FOMC Meeting Results – Bitcoin NewsEthereum was marginally higher on Feb. 1, as markets prepared for the upcoming Federal Open Market Committee (FOMC) meeting results.
Read more »
Bitcoin, Ethereum Technical Analysis: BTC Jumps to 6-Month High Above $24,000 – Market Updates Bitcoin NewsBitcoin surged above $24,000 on Feb. 02, as markets continued to react to the latest U.S. Federal Reserve policy decision.
Read more »
First Mover Asia: Bitcoin Dips Into Red but Holds Strong Above $23.5KA late Thursday decline sent bitcoin into the red, but the largest crypto by market cap was still trading over $25K. BTC, ETH trading volumes rose after the Fed's rate hike. GWilliamsJr_CMT and JPRubin23 write
Read more »
Ark's Cathie Wood Stands by $500,000 Bitcoin (BTC) Price PredictionSuperstar investor heaped praise on Bitcon and Ethereum during recent interview
Read more »
Bitcoin awaits Fed Powell speech as sellers cement $23.5K resistanceBTC price stays stable into key Fed data and comments as Bitcoin sellers line up.
Read more »
Bitcoin advocate Najah Roberts explains why BTC is a tool for empowermentBitcoin and Black Power! Is there a link? maddopemadic and horushughes of The Agenda podcast speak with najahroberts about financial literacy, generational wealth and starting a crypto exchange.
Read more »