⚡ Unemployment Data Temporarily Lifts BTC
posted 2 Aug 2024
On August 2, the U.S. Bureau of Labor Statistics reported an increase in the unemployment rate to 4.3% in July, exceeding expectations of 4.1%.
In response to this news, Bitcoin briefly surpassed the $65,000 mark before falling back below $64,000, possibly due to other influencing factors. For a detailed analysis of how macroeconomic factors affect Bitcoin's price, refer to our dedicated article on the website.
This unemployment data could provide Federal Reserve Chairman Jerome Powell with the justification to reduce U.S. interest rates. According to the CME FedWatch Tool, the Fed might cut interest rates by 50 basis points in September, compared to the previously expected 25.
Target Rate Probabilities for Fed's September Meeting Source: CME Group
CME data shows significant fluctuations, so we'll get a clearer sense of the market sentiment closer to the next Fed meeting on September 18.
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