Bitcoin celebrated International Women's Day, reaching a new historical high after US labor market data added arguments in favor of lowering the interest rate.
On March 8, the bitcoin price reached $70,184 on the Bitstamp exchange.
The growth of the main cryptocurrency occurred after the publication of US unemployment data for February, which turned out to be worse than predicted. This indicates the tight monetary policy of the Federal Reserve System. The unemployment rate in the country was 3.9%, which is 0.2% higher than expected, while the number of new jobs decreased.
Kobeissi Letter, a market expert, noted that the market is reacting with an increase in the stock price, which is explained, in particular, by an increase in unemployment. Bitcoin and altcoins also followed this growth.
Michael van de Poppe, the head and founder of MN Trading, noted the new historical maximum of bitcoin and expressed hope for the rate to rise to $100,000 before halving.
Economist and trader Mikybull Crypto noted that bitcoin performs rare actions in its history and may reach the top of the bull cycle sooner than many expect.
The unemployment data also led to an increase in risky assets and a weakening of the US dollar, which fell by almost 5% compared to the beginning of the year.
The FRS next decision to cut interest rates is expected on March 20, and although unemployment data supports arguments in favor of a reduction, market expectations remain hawkish, since only 3% of experts predict a change in the central bank's policy.
