The price of Bitcoin (BTC) 
$93,616 is reaching new heights while altcoins continue to rise. Today, significant data was released. We mentioned that there would be a flurry of important data announced throughout the week. Today’s and upcoming data will contain critical signals regarding the U.S. economy.
U.S. JOLTS Data
Due to negative trends in employment data, Fed officials expressed regret, stating they should have begun interest rate cuts in July. One of the Fed’s two primary roles is to maintain employment, while the other focuses on price stability. Since inflation has stabilized and neared the 2% level, the Fed must continue with interest rate cuts until reaching a neutral stance.
Impact on Cryptocurrencies
While accelerating interest rate cuts by the Fed could pose risks to the economy, it is positive for cryptocurrencies. Given the expectation of subpar employment data, the Fed may consider speeding up its easing measures, making today’s JOLTS data revealing job openings particularly significant.
The expectation for JOLTS was 8 million, with a previous reading of 8.040 million, but the announced figure came in at 7.443 million. This disappointing data suggests that the Fed may need to act more quickly due to the easing in employment. Following the release of this data, BTC began to rise.
