Bitcoin, crypto rise despite 3.7% increase in U.S. unemployment rate
Bitcoin gained almost 2% on Friday after U.S. Bureau of Labor Statistics reported a 3.7% rise in unemployment rate in August.
See related article: Bitcoin, crypto market in the green after Fed rate hike
Fast facts
- The announcement is in line with market expectation, as economists had projected about 300,000 additions and a 3.5% jobless rate, according to a Bloomberg survey.
- Bitcoin was trading at US$20,333 at press time.
- Most of the top 10 cryptocurrencies, including Dogecoin, Solana, and Cardano, traded up after the announcement.
- The Labor Department said employers added 315,000 jobs in August on a seasonally adjusted basis, a 40 % drop from July when it reached the pre-Covid19 levels of Feb. 2020, the report said.
See related article: What US Fed’s interest rate hike means for China and its CBDC
