The US unemployment rate of 3.9% has exceeded the market consensus of 3.8%.
Bitcoin has successfully crossed the $61k mark and is currently being traded at $61,875.
The release of US employment data is highly anticipated by the US market as it serves as a key indicator of the economy’s health. During the recent FOMC meeting, the United States Federal Reserve decided to maintain the interest rate, which has had an impact on market sentiment recently.
Furthermore, the mixed economic data suggests that the Federal Reserve’s policy rate may become more aggressive in the coming days, potentially exerting pressure on the price of Bitcoin.
The market analysts’ predictions regarding the US employment figures, which are crucial for the economy and future monetary policies, had traders on the edge of their seats. The latest report revealed that employment in the United States has risen by 175,000, reaching a total of 240,000, as anticipated. However, this number is lower than last month’s figure of 303,000.
Simultaneously, the US unemployment rate stands at 3.9%, surpassing the market consensus of 3.8%. However, hourly earnings in the US experienced a 0.2% increase, slightly lower than the market’s expectation of 0.3% increase.
In light of the optimistic predictions from the new data regarding the US economy, it is expected that the Federal Reserve will adopt a dovish stance in the upcoming days. Additionally, the latest statistics on job openings and employment indicate that the US central bank is taking a bullish approach.
It is worth noting that amidst these developments, the first quarter GDP growth reached 1.6%, lower than expected, suggesting that the economy is facing challenges. Furthermore, the PCE inflation rate in March exceeded market expectations, with a monthly increase of 0.3% and a yearly increase of 2.7%.
However, despite these figures, Bitcoin has experienced a rally since the release of the data. The leading cryptocurrency has surpassed the $61k mark and is currently being traded at $61,875, representing a 4.74% increase in the last 24 hours, according to data from CoinMarketCap.
