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**BREAKING: US Non-Farm Employment Data Revealed! Bitcoin and Dollar’s Initial Reactions**
The US has just announced its latest Non-Farm Employment and Unemployment figures, with significant implications unfolding.
Author: Elif Azra Güven
Date: 05.07.2024 – 12:32
Update: 25 seconds ago
Bitcoin, the foremost cryptocurrency, saw a drop below $54,000 due to a sharp decline linked to Mt. Gox refunds.
Recent Developments
The reason behind Bitcoin’s decline clarified! Official statement from Mt. Gox!
Despite analysts forecasting lower selling pressures and expecting price stability at current levels, all attention in the cryptocurrency and altcoin markets is now focused on the US economic updates.
Every first Friday of the month, investors and stakeholders eagerly anticipate the release of US economic data, keen to gauge the economic landscape.
Here are the latest figures:
– Non-Farm Employment: Announced 206k – Expected 191k – Previous 272k
– Unemployment Rate: Announced 4.1% – Expected 4.0% – Previous 4.0%
Following the data release, both Bitcoin and the Dollar (DXY) reacted as follows:
Impacts of Non-Farm Employment and Unemployment Data on Prices!
Non-Farm Employment figures exceeding expectations are viewed as indicators of economic recovery, typically bolstering the Dollar’s strength.
Changes in the labor market significantly influence the Federal Reserve’s monetary policies. In addition to inflation reduction, the Fed closely monitors employment statistics, preferring a moderated labor market.
Should the announced data surpass expectations, we may witness a rise in the DXY (Dollar Index) and a slight retreat in Bitcoin. Conversely, lower-than-expected figures could prompt a DXY decline.
An increase in unemployment rates could lead to a sharp DXY decline, which may positively influence Bitcoin.
In either scenario, market volatility is expected to spike during the announcement period.
*Note: This article does not constitute investment advice.*
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