Cryptocurrency prices briefly declined on Thursday after the U.S. released its initial jobless claims data which showed that the number of people claiming unemployment benefits is 228,000, slightly lower than the expected figure of 240,000. The Department of Labor also reported that the insured unemployment rate dropped from 1,823,000 from the previous week to 1.3%, a 4,250 reduction in the 4-week moving average, indicating the labor market is slowly improving.

These numbers created unease among investors who fear that the labor market performance is not sufficient to withstand an impending recession. As a result US stocks tumbled, with the Dow Jones Industrial Average losing 136 points, or 0.4%, and the S&P 500 and the NASDAQ Composite dropping 0.5 and 0.7%, respectively.

Cryptocurrencies were also affected by the news, causing Bitcoin's value to briefly fall to $27,922. Nevertheless, prices bounced back and the digital currency has now re-entered the $28,000 mark according to CoinMarketCap. Ethereum, on the other hand, remained relatively bullish, with the token experiencing only a 1.24% drop. This resilience can be attributed to investors' anticipation of the upcoming Ethereum upgrade, called Shaperoo, later this month.

Overall, the cryptocurrency market was impacted by the news, though the effects were rather mild. The impact of such macroeconomic data is something all investors must be aware of, and consider when making future predictions.



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