The US unemployment rate is 3.9%, which is higher than the market consensus of 3.8%.
The leading crypto surpassed the $61k threshold and is now trading at $61,875.
The US employment data was anticipated by the U.S. market as a further indicator of the economy’s health. Notably, during their most recent FOMC meeting, the United States Federal Reserve kept the interest rate steady, which has impacted on market mood recently.
Furthermore, the Federal Reserve’s policy rate attitude might be more aggressive in the upcoming days, which could put pressure on the Bitcoin price, according to the mixed economic data.
Dovish Stance by Fed Anticipated
Important US employment figures, crucial to the economy and future monetary policies, were due to be released today, and traders were on the edge of their seats. As predicted by market analysts, employment in the United States rose by 175,000, reaching 240,000, as revealed in the latest report. Not only that, but the numbers are down from 303,000 last month.
Meanwhile, the US unemployment rate is 3.9%, which is higher than the market consensus of 3.8%. But hourly earnings in the US increased by 0.2%, while market expectations stood for a 0.3% increase.
In light of the new data’s optimistic predictions for the US economy, the Federal Reserve is expected to adopt a dovish stance in the days ahead. At the same time, the latest statistics on job openings and employment indicated that the U.S. central bank was taking a bullish approach.
Notably, in the midst of this, Q1 GDP growth reached 1.6%, which is lower than expected and indicates that the economy is facing headwinds. When compared to market expectations, the PCE inflation rate soared by 0.3% in March, hitting 2.7% yearly.
Nevertheless, since the data was released, Bitcoin has seen a rally. The leading crypto surpassed the $61k threshold and is now trading at $61,875, up 4.74% in the last 24 hours as per data from CoinMarketCap.