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While global markets continue their negative trend in the face of the inflation and recession dilemma, the silence in the cryptocurrency market was disrupted by the downward turn of Bitcoin (BTC). On the day when Bitcoin’s price dropped more than 2%, the prices of many altcoins also fell by up to 5% or more. Amidst the negative trend in global markets and the cryptocurrency market, the Unemployment Benefit Applications data from the US was eagerly awaited, and the data has recently been released.
Unemployment Benefit Applications Data, Anticipated with Excitement, Has Been Released
The US Unemployment Benefit Applications data has been recently released. The data, which shows the number of individuals who have registered for unemployment insurance in the past week, was announced as 239,000. The expectation was for the data to be announced as 240,000, after it was announced as 248,000 on August 10th.
Along with the Unemployment Benefit Applications data, the US Continuing Claims data has also been released. The data, which was expected to be announced as 1,700,000, was announced as 1,716,000. On August 10th, the data was announced as 1,648,000.
FOMC Minutes Hit the Global Markets and the Cryptocurrency Market
The silence in the cryptocurrency market turned downwards, along with the stock markets, after the hawkish views were dominant in the July FOMC minutes announced on August 16th. The hints taken from the FOMC minutes emphasized once again the Fed’s determination in fighting inflation. Although many institutions and investors declare that the Fed is nearing the end of interest rate hikes, it was observed that the expectation for interest rate hikes increased after the announcement of the minutes.
With the Fed once again demonstrating its determined stance towards the 2% inflation target in the meeting minutes, the price of Bitcoin closed the day below $29,000, at $28,730. While the downward trend in Bitcoin continues, it can be seen that the largest cryptocurrency is struggling to hold around the $28,500 level.
As the total cryptocurrency market value also saw a $20 billion decrease, the losses in the altcoin market, especially in major altcoins, were much higher. While the price of the largest altcoin, Ethereum (ETH), dropped to $1,780, Dogecoin (DOGE), Shiba Inu (SHIB), and Bitcoin Cash (BCH) among the top 20 cryptocurrencies lost more than 5%.
On August 16th, the US stock markets saw a bearish trend with the Nasdaq index falling by 1.15% and the S&P 500 index falling by 0.76%. As the signals of the Fed’s ability to continue its interest rate hike policy strengthened, the US dollar strengthened and the DXY index rose to its one-month high of 103.5.
