A few minutes ago, the US unemployment rate was released and created new fluctuations in Bitcoin and the digital currency market.
Brief news
Bitcoin price rose slightly in response to the US data.
The US unemployment rate has increased.
According to Bitcoin System, the downward trend of Bitcoin has intensified since the previous day. For this reason, all eyes are focused on the economic data of the United States of America from its labor market.
These data have a great impact on the decisions of the Federal Reserve about the country’s interest rate, and therefore it is very important. The Federal Reserve announced this week that it will not change the US interest rate in July. As a result, the US interest rate remained stable in the range of 5.25 to 5.5 percent.
However, many traders and analysts are hopeful that US interest rates will be cut next month. To be more precise, analysts give about 90% probability that the interest rate will decrease in September.
Bitcoin investors and the digital currency market are eagerly waiting for this to happen. A decrease in interest rates usually has a positive effect on risky assets and drives investors towards risky markets.
In any case, the employment statistics of the non-agricultural sector increased from 206,000 jobs to 114,000 jobs. This is while analysts predicted that 176,000 jobs would be created in this sector during this period.
In addition, the unemployment rate increased from 4.1% to 4.3%. This is despite the fact that analysts predicted that the said rate would remain constant in the range of 4.1 percent. In any case, the release of this data helped the price of Bitcoin to grow in the 30-minute time frame.
