The crypto market reacts positively to news of the United States adding 223k jobs in December, beating market expectations.
The United States added 223,000 jobs in December due to the crypto market, according to the Bureau of Labor Statistics’ most current Nonfarm Payrolls report. This was more than the 200,000 jobs that experts had projected and was a reduction from the previously reported 263,000 jobs in November.
Contrary to expectations, the unemployment rate was 3.5% instead of the expected 3.7%. The latest data show that there isn’t one yet, despite discussions about one among CEOs, economists, and others.
Other economic measures, such as consumer spending, also show that the US economy is not in a recession in addition to employment statistics. The labor market has remained robust and resilient even after the Federal Reserve started hiking interest rates in March of last year at a rate not seen since the 1980s.
The Bureau of Labor Statistics also supplied information on job openings as part of the Job Openings and Labor Turnover Survey (JOLTS). The most recent data indicate that there were 10.5 million job openings in the United States in November, which is comparable to the revised number of job openings in October.
Additionally, the preliminary data for November’s layoff rate revealed that it stayed at 0.9% for the third consecutive month, which is very near to the record low.
REACTION OF THE CRYPTO MARKET
Following the announcement of the unemployment figures, the price of Bitcoin (BTC) stayed constant at $16,750 for a short period of time. According to cryptocurrency market tracker CoinMarketCap, the crypto market recovered into the green zone in the last hour with the headline figure of 223,000 new employment gained.
Both Bitcoin and Ethereum have witnessed a significant boost in price over the previous 30 minutes as of the time of this writing, with Bitcoin showing a rise of 0.30% and Ethereum showing a rise of 0.60%. In response to the news, the value of XRP, DOGE, and BNB surged along with a few other well-known cryptocurrencies.
