Before the data release, Bitcoin (BTC) 
$78,415 eagerly anticipated U.S. unemployment figures as market volatility increased. Numerous reports were delayed due to the government shutdown, amplifying the significance of less reliable reports ahead of the interest rate decision on December 10. Yesterday’s ADP report indicated support for a potential rate cut and dovish statements. But what about the unemployment figures?
Breaking News: U.S. Economic Data
Yesterday, the ADP report suggested a notable weakening in labor markets, something not observed for a considerable time. Today, expected figures for both new and continuing unemployment claims have been released. As a result, BTC’s price has been experiencing heightened volatility in recent minutes. Right before the report’s release, the probability of an interest rate cut stood at 89.2%. (Source: CME-FedWatch)
Here are the expected and actual figures:
- U.S. Initial Unemployment Claims Reported: 191K (Expected: 220K Previous: 216K)
- Continuing Unemployment Claims Reported: 1.939M (Expected: 1.962M Previous: 1.96M)
The figures were not particularly favorable for cryptocurrencies, as claims surpassing last month’s figures and expectations could have been supportive. Although the lowest figures of the past year were observed, this doesn’t negate the reality signaled by other labor reports, indicating contraction. Additionally, end-of-year reports generally come in lower than the year’s average, as clearly illustrated in the table above.
While not supportive for cryptocurrencies, the data is not overwhelmingly negative either. Cryptocurrencies remain in a neutral position, awaiting further movements in the market.
