Bitcoin News

Just-In: Bitcoin Price Gains, Stocks Market Falls After US Jobs Data

Bitcoin price rises as the number of job openings in the U.S. fell by 9.6 million ahead of the Fed interest rate decision.
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Just-In: Bitcoin Price Gains, Stocks Market Falls After US Jobs Data

According to the U.S. Bureau of Labor Statistics jobs data for March, the number of job openings in the U.S. fell by 9.6 million in March against the market expectations of 9.775 million. The job opening has fallen to the lowest level since April 2021, indicating a cooling labor market amid higher interest rates. Bitcoin price rises after lower below the $28,000 level, continuing to show volatility. The BTC price currently trades under pressure ahead of the U.S. Federal Reserve interest rate decision.

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US Jobs Openings Fell Ahead of Fed Meeting

The Job Openings and Labor Turnover Summary (JOLTS) report by the U.S. Bureau of Labor Statistics on May 2 revealed a decline in job openings by 384,000 to 9.6 million in March 2023. The job opening has decreased lower than the forecast of 9.74 million.

Meanwhile, the number of hires and total separations remained relatively stable at 6.1 million and 5.9 million, respectively. Layoffs and discharges in the U.S. have increased to 1.8 million amid continued layoffs majorly in technology and banking firms.

Both JOLTs job opening and US factory orders MoM figures come in lower than expected, causing the U.S. dollar index (DXY) to jump higher to 102.40 and then fell. As a result, the U.S. stock market fell over 1% as investors remain cautious about opening new positions ahead of the Fed monetary policy meeting. The Fed is expected to increase interest rates by another 25 bps.

Also Read: Bitcoin Price Breaks Key Level, Risks Falling To $26K Ahead US Fed Rate Hike?

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Crypto Market Stands Still

Crypto market to remain under pressure until Fed Chair Jerome Powell’s public hawkish and dovish stance. Bitcoin price has recently started to move in correlation with gold, with correlation with the US stock market breaking apart.

Bitcoin price has increased by 2% to $28,602 after the JOLTS data. However, the trading volume still remains lower. Meanwhile, Ethereum price is trading near $1,850, up nearly 1% after the report.

Also Read: PayPal Announces Crypto Insurance To Protect Investors From FTX-Like Crisis

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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