Crypto News: US Non-Farm Employment Data Released! How Did Bitcoin (BTC) and the Dollar React?
The US Non-Farm Employment and Unemployment data have just been announced, providing the latest update on the economic situation. Bitcoin, the leading cryptocurrency, is facing challenges to stay above $70,000 as it consolidates its position. Analysts are anticipating a potential rise in Bitcoin over the weekend and in June, but today, all attention is on the economic data from the United States.
This data, released on the first Friday of each month, is closely monitored by investors and stakeholders to gauge the state of the economy. The latest figures are as follows:
– Non-agricultural employment data: Announced 272k – Expected 182k – Previous 175k
– Unemployment data: Announced 4% – Expected 3.9% – Previous 3.9%
The impact of this data on Bitcoin’s price is significant. When non-agricultural employment data exceeds expectations, it signals economic recovery and positively affects the currency. Changes in the labor market also influence the FED’s monetary policy, as they closely follow employment data along with inflation rates.
If the announced data surpasses expectations, the DXY (dollar index) is likely to rise, causing Bitcoin to retreat slightly. Conversely, if the data falls below expectations, it may lead to a decline in the DXY. A rise in the unemployment rate could trigger a sharp retreat in the DXY, which would be favorable for Bitcoin.
In both scenarios, high volatility is expected during the announcement of the data. It’s important to note that this information is not investment advice, but for those interested in investing in over 300 cryptocurrencies, registering with Binance exchange using the provided link offers a 20% commission discount. Follow our Telegram and Twitter accounts for exclusive news, analytics, and on-chain data updates.
