Bitcoin Sees Short-Term Rally Following U.S. Jobless Claims Data
- US initial jobless claims rose by 13,000 to reach 225,000 for the week ending May 30, exceeding the estimated figure of 215,000.
- Bitcoin’s price increased over 2% after the jobless claims release, trading at $63,518 but still down by nearly 5% in the last day.
- The total market capitalization of Bitcoin was approximately $1.27 billion with a trading volume of $64.91 billion in the past day.
- Earlier in the day, Bitcoin dipped to around $61,000 amid significant market liquidations, contributing to a loss of over $200 billion in market cap this week.
- Final labor costs increased by only 1.8%, lower than the anticipated rise of 2.5%, indicating easing wage inflation pressures.
The increase in jobless claims suggests potential weakness in the labor market, which may influence Federal Reserve policies on interest rates and impact risk assets like Bitcoin. A decline in interest rates could enhance liquidity conditions for cryptocurrencies.
As Bitcoin trades at $63,518 following recent volatility and job data releases, traders are closely monitoring economic indicators that affect asset attractiveness and liquidity.(Source)
