Bitcoin Price Rises, Stock Market Falls on US Jobs Data Ahead of Fed Rate Hike

[ad_1]

According to employment data from the US Bureau of Labor Statistics for March, the number of job openings in the United States fell by 9.6 million in March against market expectations of 9.775 million. The job opening fell to the lowest level since April 2021, indicating a declining labor market amid higher interest rates. BTC price is currently trading under pressure ahead of the US Federal Reserve’s interest rate decision.

US job openings fell ahead of Fed meeting

The US Bureau of Labor Statistics’ Job Openings and Labor Turnover Summary (JOLTS) report for May 2 found job openings fell from 384,000 to 9.6 million in March 2023. Job openings fell more lower than expected 9.74 million.

At the same time, the number of hires and the total number of departures remained relatively stable at 6.1 million and 5.9 million, respectively. Layoffs and layoffs in the United States rose to 1.8 million amid continued layoffs, mostly at tech and banking companies.

The US JOLT job opening and factory orders figures came in below expectations, sending the US dollar index (DXY) up to 102.40 and then falling. As a result, the US stock market fell more than 1% as investors remained cautious about opening new positions ahead of the Fed’s monetary policy meeting. The Fed is expected to raise interest rates an additional 25 basis points.

Also Read: Bitcoin Price Breaks Key Level, Risk Drops to $26,000 Ahead of US Fed Rate Hike?

The Crypto Market Stands Still

The crypto market will remain under pressure until Fed Chairman Jerome Powell adopts a hawkish and dovish public stance. The price of bitcoin has recently started to move in correlation with gold, with the correlation with the US stock market plummeting.

Bitcoin price rose 2% to $28,602 after JOLTS data. However, the volume of transactions remains even lower. Meanwhile, Ethereum price is trading near $1,850, up almost 1% after the report.

Also Read: PayPal Announces Crypto Insurance to Protect Investors Against FTX-Like Crisis

Varinder Singh

Varinder is a technical writer and editor, technology enthusiast, and analytical thinker. Fascinated by disruptive technologies, he shared his knowledge on blockchain, crypto-currencies, artificial intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period of time and currently covers all the latest updates and developments in the crypto industry.

[ad_2]