Bitcoin

when

Bitcoin, the leading cryptocurrency, approached $ 60,000 while trying to recover after the sharp declines it experienced. 
While Bitcoin is currently at $59,000, some analysts warn investors that the decline may continue. 
While various factors such as the decline in spot Bitcoin ETFs and the decrease in the possibility of a FED interest rate cut were effective in this decline, all eyes on BTC and altcoins today turned to the economic data from the USA. 
The data announced on the first Friday of each month is closely followed by investors and stakeholders to understand the state of the economy. 
The data disclosed is as follows: 
Non-agricultural employment Data: Announced 175k – Expected 238k – Previous 303k 
Unemployment data: Announced 3.9% – Expected 3.8% – Previous 3.8% 
<h2 id="bitcoin-s-reaction-after-the-incoming-data-was-as-follows">Bitcoin's reaction after the incoming data was as follows:</h2> 
<img decoding="async" class="alignnone size-full wp-image-141766" src="https://www.bitcoinsistemi.com/wp-content/uploads/2024/05/BTCUSDT_2024-05-03_15-31-28.png" alt="" width="1713" height="728"> 
<h2 id="effect-of-non-farm-employment-and-unemployment-data-on-price">Effect of Non-Farm Employment and Unemployment Data on Price!</h2> 
Non-agricultural employment data coming in above expectations is considered a signal of economic recovery in that country and has a positive impact on the currency. 
Changes in the labor market have a significant impact on the FED's monetary policy. The FED, which thinks that the labor market should cool down in addition to the decrease in inflation, follows employment data closely. 
If the announced data exceeds expectations, we can see that DXY (dollar index) rises and Bitcoin retreats slightly. If it comes below expectations, it may cause us to see a retreat in DXY. 
The increase in the unemployment rate may cause us to see a sharp retreat in DXY. This will also be positive for Bitcoin. 
In both possibilities, volatility will be high during the minutes when the data is announced. 
*This is not investment advice. 
 Continue Reading: <a href="https://en.bitcoinsistemi.com/breaking-us-non-farm-employment-data-announced-what-was-bitcoins-initial-reaction-2/">BREAKING: US Non-Farm Employment Data Announced! What Was Bitcoin's Initial Reaction?</a>

BREAKING: US Non-Farm Employment Data Announced! What Was Bitcoin's Initial Reaction?

Table of Contents

Bitcoin Sistemi EN

Other articles published on May 3, 2024

Crypto Exchange Founder Defends Meme Coins: An Expert Analysis on the Impact and Potential of $DO...

Bitcoin Bull Targets Major Altcoins: Anticipation Rises for BTC

Bitcoin: Will short-term holders cause problems for BTC’s price?

Coinbase Surpasses Expectations in Q1

How Are Altcoins Performing Today?

XRP (XRP) Skyrockets as RippleX Feature Enhances Adoption: A Game-Changer in Crypto Sphere

Join our free newsletter for daily crypto updates!