According to preliminary data from the US Department of Labor, in May an increase in actual unemployment in the country was recorded to 3.6%. The crypto market reacted to the news by increasing the value of major cryptocurrencies.

The U.S. Department of Labor (DOL) compiles monthly employment reports based on the number of first-time unemployment claims reported during the reporting period. DOL data on the US JOLT employment indicator for May showed US job openings fell to a new two-year low, with weaker labor demand a leading catalyst for possible job losses. The labor market and the US economy are negatively affected by the worsening banking crisis.

Federal Reserve Chairman Jerome Powell has repeatedly said that the unemployment rate is taken into account by the Fed before deciding whether the US economy needs another rate hike or not.

Against this background, Bitcoin, the first cryptocurrency by capitalization, is showing positive dynamics, adding about 1% to its value, trading in the range from $26,800 to $27,170.

Similar to Bitcoin, Ethereum has overcome the downward trend and is showing strong growth at 2%. The second largest cryptocurrency by capitalization is trading in the range from $1,860 to $1,896. The current price of ETH is just over $1,896.

Billionaire and founder of Galaxy Digital Mike Novogratz said in an interview with CNBC that the US government will begin to lower base interest rates in the fall and this should have an extremely positive impact on the cryptocurrency market.

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