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Home»ADOPTION NEWS»Bitcoin is trading above $61,000 and has bounced along with stocks following a report of weak U.S. jobs.
ADOPTION NEWS

Bitcoin is trading above $61,000 and has bounced along with stocks following a report of weak U.S. jobs.

By Crypto FlexsMay 3, 20242 Mins Read
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Bitcoin is trading above ,000 and has bounced along with stocks following a report of weak U.S. jobs.
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Friday’s U.S. jobs report showed employers added 175,000 jobs last month, below economists’ expectations for a 243,000 increase. Additionally, wages rose 3.9% in the 12 months to April, below the expected 4.0% increase following a 4.1% increase in March.

A weaker-than-expected U.S. jobs report could put pressure on the Federal Reserve to cut interest rates sooner this year, according to Charles Schwab UK managing director Richard Flynn. “It has become clear in recent months that the Fed is happy to move slowly on the rate-cutting front, but unwanted and unexpected economic weakness, like we are seeing today, could change that approach. A Dive into the Labor Market This may be just what is needed to push the Fed from strolling to sprinting,” Flynn said in an email to The Block.

Possibility of interest rate cut in September

Other analysts agreed with this view, suggesting that the weakening jobs data casts doubt on the sentiment that interest rates will remain higher for much longer. “Given the circumstances, we will stick to the Fed’s call for a rate cut in September,” James Knightley, chief international economist at ING Bank, said in a note Friday.

In response to employment data out of the U.S., interest rate traders raised the odds of a June rate cut to nearly 14% from 6% on Wednesday, while the odds of a September rate cut rose to more than 48%. %.

Lower interest rates could increase risky assets such as Bitcoin. That’s because it lowers borrowing costs and encourages investors to seek higher returns in riskier assets. Additionally, low interest rates could weaken the value of fiat currencies such as the U.S. dollar, pushing investors towards alternative stores of value such as risky assets.

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