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How U.S. Labor Market Data Affects the Dollar and Cryptocurrencies

How U.S. Labor Market Data Affects the Dollar and Cryptocurrencies

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by Giorgi Kostiuk

a day ago

Data from the U.S. JOLTs Job Openings released on September 3rd affected the American dollar rate and cryptocurrency markets.

Overview of Market Situation

Following the release of the JOLTs data, the dollar index (DXY) experienced a slight dip, which also led to an increase in gold prices. This situation spurred activity from large players in the cryptocurrency market.

Cryptocurrency Reaction to Dollar Weakness

After the DXY fell by 10 points, cryptocurrency markets reacted with volatility. In particular, large positions in Bitcoin and Ethereum indicated expectations of volatility following the data release.

Institutional Investments in Bitcoin

H100 Group, an institutional investor from Sweden, increased its BTC holdings by 47.16 BTC on September 3rd, indicating institutional interest in BTC accumulation during DXY weakness. Experts note that such dynamics demonstrate Bitcoin's growing role as an alternative asset.

Overall, U.S. labor data continues to significantly impact financial markets, including the dollar and cryptocurrencies, where there is a growing interest from institutional investors.

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