Crypto world awaits US employment data
Following the vacancy figures announced in the USA this week, which brought an increase in Bitcoin, very important data about the job market will be announced to the public today. Non-agricultural employment data in the USA may cause increased volatility in the Bitcoin price, especially in the short term.
Both the crypto and traditional finance world are waiting for the non-farm employment data to come from the USA today at 15.30 GMT. While the employment figure in April was 175 thousand, the May figure to be announced today is expected to be 185 thousand.
Will the rise in Bitcoin continue?
The fact that non-agricultural employment figures are lower than expected may strengthen Bitcoin's upward movement this week. Since the figure is below expectations, it will be read by the markets as an indicator that the economy continues to cool, so risky assets, including Bitcoin, may rise.
As it is known, the Fed waits for the economy to cool down and thus inflation to fall below 3% before reducing interest rates. The Fed has been stating for a long time that its inflation target is 2 percent and that it will not make concessions on this issue.
Another important indicator of whether the economy is cooling down will be the unemployment rate. The unemployment rate expectation for May was also stated as 3.9% on an annual basis.
This week, the number of job vacancies (JOLTS) figures in the USA were announced at the lowest level of the last 3 years, and this enabled Bitcoin to rise from 69 thousand dollars to over 70 thousand dollars.
-Uzmancoin
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