Just-In: Bitcoin Price Gains After US Jobs Data

US Jobs Openings Fell Ahead of Fed Meeting

The Job Openings and Labor Turnover Summary (JOLTS) report by the U.S. Bureau of Labor Statistics on May 2 revealed a decline in job openings by 384,000 to 9.6 million in March 2023. The job opening has decreased lower than the forecast of 9.74 million.

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Meanwhile, the number of hires and total separations remained relatively stable at 6.1 million and 5.9 million, respectively. Layoffs and discharges in the U.S. have increased to 1.8 million amid continued layoffs majorly in technology and banking firms.

Both JOLTs job opening and US factory orders MoM figures come in lower than expected, causing the U.S. dollar index (DXY) to jump higher to 102.40 and then fell. As a result, the U.S. stock market fell over 1% as investors remain cautious about opening new positions ahead of the Fed monetary policy meeting. The Fed is expected to increase interest rates by another 25 bps.

Also Read: Bitcoin Price Breaks Key Level, Risks Falling To $26K Ahead US Fed Rate Hike?

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Crypto Market Stands Still

Crypto market to remain under pressure until Fed Chair Jerome Powell’s public hawkish and dovish stance. Bitcoin price has recently started to move in correlation with gold, with correlation with the US stock market breaking apart.

Bitcoin price has increased by 2% to $28,602 after the JOLTS data. However, the trading volume still remains lower. Meanwhile, Ethereum price is trading near $1,850, up nearly 1% after the report.

Also Read: PayPal Announces Crypto Insurance To Protect Investors From FTX-Like Crisis

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