The eagerly awaited data on US Unemployment Claims has just been released. This data provides significant insights into the state of the US economy. So, what is the latest situation?
Critical Data from the US!
Since the emergence of cryptocurrencies, the US has become an important market. Many major cryptocurrency exchanges are based in the US, and US investors have shown great interest in crypto assets. However, the legal regulations regarding cryptocurrencies and blockchain technology in the US have not yet been fully clarified. Regulatory bodies are facing uncertainties in regulating and using cryptocurrencies. These uncertainties can pose risks for investors and businesses. However, according to experts, resolving these uncertainties can have significant impacts on prices.
US data has previously had a significant impact on the cryptocurrency markets. It is worth mentioning the warnings that the strong US economy, which is repeatedly emphasized by experts, can be a sign of a decline in risky assets. Here are the US Unemployment Claims: Expectation: 225K Previous: 221K Reported: 227K.
Possible Impact of US Data on Bitcoin!
According to cryptocurrency experts, if the released data strengthens the US dollar, it can cause a decrease in the general cryptocurrency markets, including Bitcoin, the leading cryptocurrency. Previous data has shown that the rise in the dollar index has led to price drops in the cryptocurrency markets. Additionally, Bitcoin, which has been gaining value since the beginning of the year, broke the critical level of $30,000 downwards following the Fed’s statements and inflation data.
On the other hand, the US Federal Reserve has started working on central bank digital currencies (CBDCs) such as the digital dollar. The digital dollar will be a digitalized version of traditional currencies and could potentially bring a new dimension to the financial system. CBDCs can determine the balance between cryptocurrencies and the traditional financial system.