Bitcoin Slightly Up As U.S. Jobs Report Revealed Employment Stayed Solid
Bitcoin shows stable price sentiment as investors’ sentiment following the latest U.S. labor report.
Despite economic concerns and mounting recession fears, job growth in the United States slowed in August but remained healthy. According to the Labor Department statistics, companies gained 315,000 positions in the previous month.
The unemployment rate in the United States rose to 3.7% in August, up from 3.5% in July, somewhat more than expected.
Investors appear to have enjoyed the statistics presented on Friday. Bitcoin had gained approximately 2% in value at press time, while Ethereum had gained approximately 5%. Despite the current surge, technical indicators indicate a sharper pullback shortly.
The latest Labor Department data, issued on Friday, revealed that hiring – a rebound after 22 million jobs were lost during the COVID-19 epidemic – is still strong but slowing; this could indicate that the Fed’s modifications in monetary policy are starting to have an effect.
Because it is one of the last major economic reports evaluated before the Federal Open Market Committee’s (FOMC) next meeting on September 21-22, August’s Employment Situation report could be one of the most critical data points this year.
The crypto market is also gradually seeing more green after the data is released.
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