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Bitcoin and cryptocurrency investors are now focusing on data coming from Europe and America. It is seen as important that the data meets expectations because the likelihood of interest rate cuts, crucial for the rise in Bitcoin and cryptocurrencies, depends on this data. The most recently announced data was the US unemployment benefits claims.
US Unemployment Benefits Claims Data Announced
The Bitcoin and cryptocurrency world was anticipating a critical piece of data from the US today. The US unemployment benefits claims data was just announced. According to the announced data, the figure was 208,000, while the expectation was 212,000. The previous figure was revised to 208,000. It appears that the announced figure was below expectations.
After the announcement of the US unemployment benefits claims data, we see that Bitcoin is trading at $58,754 at the time of writing. Bitcoin appears to be moving sideways after yesterday’s decline.
Ethereum price, which saw the $3,900 level last month, is now pushing the $3,000 level as of the time of writing.
Bitcoin and Cryptocurrencies Await This Development for a Significant Rise
Effective rises in Bitcoin and cryptocurrency units now seem to depend on the Fed’s interest rate decision. The still unclear possibility of the Fed’s interest rate cut has been pressuring BTC and other cryptocurrency units downward. BTC’s drop below the $57,000 level yesterday is an expression of this pressure.
Historically, May has not been a good month, and it seems to be proving itself once again. Let’s see if we can see BTC recover by the end of May.
