Bitcoin Responds with Growth to U.S. Unemployment Data

According to the U.S. Bureau of Labor Statistics (BLS), the unemployment rate in the U.S. rose to 3.9% compared to 3.8% in the previous month. The total number of unemployed now stands at 6.49 million.

Experts believe that the unemployment data may reinforce the notion of a potential "soft landing" for the economy, alleviating concerns about an excessive slowdown in the labor market.

Markets are now expecting two rate cuts of 25 basis points each in 2024. Previously, only one rate cut was anticipated.

Amid news of rising unemployment in the U.S., Bitcoin's price surged above $63,000.