Bitcoin price and Ether are still soaring into February, but the jobs report raises some concerns
Even as the stubbornly robust jobs market increased concerns about the U.S. Federal Reserve’s upcoming interest rate rise, the price of Bitcoin and Ether ended yet another favorable week. At the time of writing, BTC is changing hands at $23,345.
BTC/USD 4-hour chart | Source: TradingView
Amazingly, the United States added 517,000 jobs in January, 172% more than predicted and 98% more than the previous month. While the labor force participation rate increased to 3.4%, the unemployment rate decreased to 3.4%.
Investors may not be happy with the strong employment market since it shows the economy is not cooling as much as other economic statistics suggest. This could lead the U.S. central bank to continue raising interest rates. The goal of the Fed Chair, Jerome Powell, has been to control inflation, which reached a high of 9% in 2022.
Because many of the top names by market capitalization reported significant weekly increases, cryptocurrency markets at least temporarily seem to be ignoring the disturbing jobs data.
After increasing by 2% and 4% over the previous seven days, respectively, Bitcoin (BTC) and Ether (ETH) came in about the center of the pack. With gains of 12.3% and 11.5%, respectively, ATOM and Litecoin (LTC) took the lead, while XMR and APT followed behind with declines of 3.9% and 4.3%.
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