For the past 2 years, the importance of macroeconomic data for cryptocurrency investors has significantly increased. These are considered signals for the Fed’s moves. We just saw that a critical employment data has been released. Following the data, BTC experienced an increase of approximately $100. Although it did not trigger a sharp rise, the data was positive.
Crypto Currencies Could Rise
As we mentioned in the important developments of the week we shared on Sunday, the JOLTS data was noteworthy. This data, which is very important for employment, was announced below expectations in favor of cryptocurrencies. As you can clearly see in the chart below, the number of job openings is steadily decreasing. Today, despite the expectation of 9.793M, we saw that the data was announced approximately 1M below at 8.827M.
Job openings in the United States represent all positions that are open (unfilled) on the last business day of the month. JOLTS evaluates the unmet labor demand in the US labor market. The decrease in this data is in favor of cryptocurrencies. The Fed, which sees the weakening of employment as one of the key points in the fight against inflation, may be satisfied with today’s data. As of 17:08, the BTC price finds buyers at $26,180. The possible reason for the upcoming rise in the following hours can be attributed to the JOLTS data. However, the overall regulatory pressure and negativity in crypto should also be taken into account.
