Bitcoin

Read

<p>The weekly unemployment data released on Thursday showed that unemployment had declined in the US for a Week. The data came in the backdrop of crucial PPI inflation data, which disappointed the markets overall. With the Fed’s interest rate decision due next week, markets will gauge investment decisions carefully now.</p>
<h2 id="us-weekly-unemployment-numbers">US Weekly Unemployment Numbers</h2>
<p>The US Department of Labor (DOL) <a rel="noopener noreferrer nofollow" href="https://www.fxstreet.com/news/us-weekly-initial-jobless-claims-decline-to-209k-vs-218k-expected-202403141230" target="_blank">released</a> weekly data on Thursday that indicated there were 209,000 new claims for unemployment benefits in the week ending March 9. This print came in better than the market expectation of 218,000 and follows the previous week’s revised print of 210,000 from 217,000.</p>
<p><strong>Read Also: <a href="https://coingape.com/tron-founder-justin-sun-fuels-ether-fi-with-massive-480m-eth-deposit/" target="_blank" rel="noopener noreferrer nofollow">Tron Founder Justin Sun Fuels Ether Fi with Massive $480M ETH Deposit</a></strong></p>
<h2 id="ppi-inflation-comes-more-than-expected">PPI Inflation Comes More Than Expected</h2>
<p>The weekly unemployment numbers came alongside the <a href="https://coingape.com/breaking-us-ppi-inflation-rises-more-than-expected-in-february/" target="_blank" rel="noopener noreferrer nofollow">US PPI inflation</a> data. Wholesale inflation saw a spike in February, according to US PPI inflation data that the Bureau of Labor Statistics issued on Friday. In February, the price at which raw materials are sold on the open market was measured by the PPI index, which came in at 0.6% instead of the 0.3% predicted by analysts. This is in contrast to a 0.3% rise in January as well.</p>
<p>The PPI inflation data is extremely important because the Fed will be meeting next week to discuss its upcoming March meeting. The PPI report released today is a key indicator for the impending Fed decision because it is a critical tool for understanding inflation and buying power. Investors have bet 99% that the Fed will hold interest rates steady at its upcoming meeting, according to the CME FedWatch Tool. Before this, market players anticipated that the Fed would cut its benchmark interest rate as early as March. But as inflation continues to remain stubborn, the possibility that the Fed will maintain higher interest rates for an extended period has solidified.</p>
<h2 id="what-happened-to-bitcoin">What Happened to Bitcoin?</h2>
<p>The depressing PPI statistics caused a decline in the price of <a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank">Bitcoin</a>. The original cryptocurrency was down 0.5% at $72,702.40 at the time of writing. The volume of Bitcoin trades also decreased by 0.3% from the same period yesterday, to $43.9 billion. Lower interest rates typically dull the shine from government financial assets since they yield a lower rate of return on investment. This makes investors more willing to take on risk, which is good for the cryptocurrency markets.</p>
<p>The post <a href="https://coingape.com/us-weekly-unemployment-declines-as-inflation-remains-sticky-crypto-on-watch/" rel="noopener noreferrer nofollow">US Weekly Unemployment Declines As Inflation Remains Sticky; Crypto on Watch</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

US Weekly Unemployment Declines As Inflation Remains Sticky; Crypto on Watch

Table of Contents

Coingape News Media

Other articles published on Mar 14, 2024

City of NILE Finale : Myth of Heliopolis

Will Polygon (MATIC) Price Re-Test $1 Support as Whales Offload?

FLOKI Cryptocurrency Eyes New Highs Amid Token Burns and Analyst Optimism

G-III Apparel’s Fiscal 2024: Strong Recovery with $176.2M Net Income, Launches New Brands

Exploring the interplay between meme coins and native networks

Surge in Solana’s Market Value Overtakes Crypto Market Trends

Join our free newsletter for daily crypto updates!