Bitcoin price skyrockets after publication of US unemployment figures

Crypto prices have risen after the publication of the US unemployment figures for April. The US economy is showing stronger signs of contraction than Wall Street analysts expected.

This fuels expectations that interest rates may fall, leading to optimism in the stock and crypto markets. As a result, the price of Bitcoin (BTC) has skyrocketed above $63,000.

Bitcoin’s price temporarily peaked at over $64,300, but has since fallen back slightly to around $63,500. Despite this slight decline, the recent increase is significant, as Bitcoin hit a low of below $57,000 in early May.

The current price surge has pushed Bitcoin back above key psychological thresholds of $60,000 and $62,000, which is crucial for finding support for a possible new surge.

America’s economy is weakening

The latest economic figures from the United States show that 175,000 jobs were added in April, significantly fewer than the 243,000 jobs that analysts had expected. This points to a slowdown in economic growth, as 315,000 new jobs were created in March. This decline is a clear signal that the US economy is cooling down.

Unemployment higher than expected

Unemployment in the United States has also risen. While Wall Street experts expected an unemployment rate of 3.8%, this ended up at 3.9% in April. This indicates a greater weakening of the economy than initially thought.

Investors hope that this economic downturn will prompt the Federal Reserve (Fed) to cut interest rates within this year. Such a reduction could boost capital markets, including the crypto market. This explains why many crypto prices have risen so much recently.

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