CandleFocus Bitcoin (BTC) Price Eyes $68,000 Amid Weakening US Jobs Market
2024-10-24
Author: Content Editor
The US jobless claims data has indicated a weakening job market in the country, leading to potential effects on the crypto markets, particularly Bitcoin. Bitcoin has experienced a modest 2% increase and is currently trading above $67,500. The Bureau of Labor Statistics reported a decrease in unemployment claims from the previous week, but it still suggests a declining job market in the US. Economists believe job openings could continue to fall in the upcoming months due to ongoing concerns about climate-related catastrophes. The lack of infrastructure in hurricane-affected areas may create further lag in new unemployment filings, potentially leading to worse job numbers. This could impact the Federal Reserve's interest rate plan, potentially leading to further rate cuts.
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