This week, U.S. employment data showed positive signals for the cryptocurrency market, allowing Bitcoin to maintain support at $108,000.
Analysis of U.S. Employment Data
Today, three key indicators were released: U.S. unemployment rate, non-farm employment change, and average earnings. These data points play an important role in understanding the labor market. At the Jackson Hole meeting, Federal Reserve Chairman Jerome Powell surprised many by dismissing Producer Price Index (PPI) increases and highlighting employment declines.
Impact of Data on Crypto Market
The expected data on employment differs from actual figures:
* U.S. Unemployment Rate: Actual 4.3% (Expectation: 4.3%, Previous: 4.2%) * Non-Farm Employment: Actual 22K (Expectation: 75K, Previous: 73K) * Average Earnings: Actual 3.7% (Expectation: 3.8%, Previous: 3.9%)
Disappointing employment data strengthened cryptocurrency positions, and after the report’s release, Bitcoin surpassed $113,000.
Prospects for Interesting Changes
With the likelihood of a Federal Reserve interest rate cut, the altcoin market could show active growth in the coming hours.
Recent U.S. employment data had a tangible impact on the cryptocurrency market, providing support for Bitcoin and opening new opportunities for altcoins.
