Bitcoin

Reserve

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/feds-interest-rate-decision-influences-crypto-market-conditions/" data-wpel-link="internal">Fed’s Interest Rate Decision Influences Crypto Market Conditions</a> 
The Federal Reserve is set to announce its new interest rate decision, with a 25 basis point cut anticipated. However, the pace of this rate-cutting cycle will largely depend on the recovery in labor data. Should unemployment remain higher than expected, the Fed may feel pressured to reach a neutral interest rate more quickly. What do the latest data point towards for <a href="https://en.coin-turk.com/bitcoin-struggles-amid-etf-approval-and-sec-account-hack/" data-wpel-link="internal">cryptocurrencies</a>? 
<h2 style="text-align: justify" id="us-labor-data-released">US Labor Data Released</h2> 
Initial jobless claims rose by 3,000 to 221,000 in the last week of October. Market expectations had predicted a total of 222,000 claims. The alignment of the actual data with expectations suggests stability in the labor market. While US markets reach new records, Bitcoin ‘s price hovers around $74,800, having surged to $76,400 in the past 24 hours, marking a new all-time high (ATH). 
<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-404505 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/11/US_Initial_Jobless_Claims.png" alt="" width="1200" height="820"> 
The data indicates flexibility within the labor market. The US Department of Labor highlighted key details in its announcement. 
<blockquote> 
 “Despite a slight increase, the numbers remain well below the monthly averages, continuing to indicate some degree of flexibility in the US labor market. The four-week moving average, which smooths out weekly fluctuations, decreased by 9,750 to 227,250. In contrast, the unadjusted initial claim counts rose by 10,827 to 212,274, balancing increases in California (4,827) and Michigan (3,563) against a decline in Florida (-1,781), as the state continues to experience a volatile labor market following severe hurricanes in October. Additionally, the total number of outstanding compensation claims increased more than expected to 1,892,000 for the week ending October 26, reaching its highest level in nearly three years.” 
</blockquote> 
The post <a href="https://en.coin-turk.com/feds-interest-rate-decision-influences-crypto-market-conditions/" data-wpel-link="internal">Fed’s Interest Rate Decision Influences Crypto Market Conditions</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Fed’s Interest Rate Decision Influences Crypto Market Conditions

Table of Contents

COINTURK NEWS

Other articles published on Nov 7, 2024

Bitcoin preps FOMC reaction as BTC price coils below new $76.5K record

Crazy 3 Billion DOGE Acquired by Dogecoin Whales in 24 Hours

Unlocking the Potential of $TOS in Cryptopia

Dogecoin Price Prediction: DOGE Plunges 7% As Experts Say Consider This Innovative Staking Meme C...

Trump’s Election Sparks Crypto Market Surge

Top Cryptocurrencies to Invest in Now November 7 – Toncoin, Arbitrum, Optimism

Join our free newsletter for daily crypto updates!