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Home»ADOPTION NEWS»Bitcoin price rises along with major stock indices after strong US jobs report
ADOPTION NEWS

Bitcoin price rises along with major stock indices after strong US jobs report

By Crypto FlexsApril 6, 20243 Mins Read
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Bitcoin price rises along with major stock indices after strong US jobs report
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Bitcoin BTC

+1.86%
They rose along with major stock indexes on Friday after the U.S. jobs report suggested the domestic economy was strong. However, the report also raised uncertainty about future interest rate cuts.

The world’s largest cryptocurrency by market capitalization rose 1% over the past 24 hours to $68,450 at 10:55 a.m. ET, according to The Block’s pricing page.

Stocks rebounded early in U.S. trading hours on Friday as traders assessed the March jobs report. This follows Thursday’s worst session on Wall Street in months.

The S&P 500 rose 0.6%, and the Dow Jones Industrial Average rose 107 points, or 0.3%. The Nasdaq composite index, centered on technology stocks, rose 0.8%.

March employment indicator stronger than expected

In March, U.S. employers exceeded expectations by adding 303,000 jobs, indicating the labor market remains strong despite high interest rates.

The figures released by the U.S. Department of Labor on Friday were noticeably stronger than the 200,000 job gains economists had expected. Strong employment data and resilient economic activity will likely allow the Fed to keep rates unchanged for a longer period of time.

According to CME’s FedWatch tool, interest rate traders are 94.7% confident the Fed will keep interest rates steady in May. Currently, the market expects a 50.8% chance of an interest rate cut at the Federal Open Market Committee meeting in June.

Low unemployment and strong job growth could lead to upward pressure on wages and prices, potentially contributing to inflation. In such a scenario, the Fed may be more inclined to consider keeping interest rates steady rather than cutting them to prevent the economy from overheating.

Questions raised about imminent interest rate cut

Current macroeconomic dynamics may encourage risk-averse sentiment, potentially putting downward pressure on risky assets such as Bitcoin.

On Thursday, Richmond Federal Reserve President Thomas Barkin said the U.S. central bank should keep interest rates steady until there is more clarity on the inflation picture. Speaking at the Virgina Home Builders Association, Barkin said the Fed “would be wise to take its time” before lowering interest rates in early 2024 to account for rising inflation numbers.

“No one wants inflation to return, and given the strong labor market, there is time for the clouds to clear before we begin the process of lowering interest rates,” he added.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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