MEXCBreaking: U.S. Jobless Claims Record Highest Weekly Increase; Bitcoin Price Jumps
According to the U.S. Bureau of Labor Statistics’ most recent data on the country’s unemployment growth, the initial jobless claims jumped to 211,000 in February. Although this is more than the 190K claims that were previously reported in January, it is still far more than what analysts had predicted to be. The market expectations were set at roughly 195K for the month.
Fear Of Recession Gains Steam
After a mammoth increase in the number of new jobs in January, the latest data suggests a slowdown in the employment rate; therefore raising concerns about an incoming recession. In the week ending on February 25, continuing claims, which include those who have been receiving unemployment benefits for a week or longer — and acting as an indicator of how difficult it is to find employment after losing a job — increased by 69,000 to 1.72 million. This marked the highest increase since November 2021.
Read More: Check Out The Top 10 DeFi Lending Platforms Of 2023
However, if measured without the adjustments, the jobless claims increased by more than 35,000, reaching a total of 237,513. The surge was driven primarily by activity in the states of California as well as New York. The Federal Reserve might take this data into consideration while releasing the upcoming interest rate hike for the month of April.
Market Turns Green As Bitcoin Price Spikes
In minutes following the release of the news, the price of Bitcoin (BTC) marginally jumped and is presently exchanging hands at $21,677. This represents an increase of 0.26% over the past 1 hour, in contrast to a drop of 1.57% over the last 24 hours. With the headline number of 211,000 claims, the whole crypto market slid into the green zone as per Coingape’s crypto tracker.
Ethereum’s (ETH) price, on the other hand, is currently trading at $1,536; reporting a gain of 0.31% in the past one hour while recording a drop of around 1% in the course of the previous 24 hours. The prices of other leading altcoins including XRP, DOGE, and BNB also witnessed an increase of roughly 0.50% in response to the news.
Also Read: Vitalik Buterin Warns Investors Of These Crypto Projects
- Here’s Why Zcash (ZEC) Price Tanked 10% Today Following 500% Rally
- Litecoin Price Jumps, What’s Behind the Sudden Rally? (28 oct)
- Metaplanet Stock Surges 10% on Share Repurchase, Capital Allocation Policy
- AI Meets Smart Routing: Screx Sets a new efficiency Benchmark in DeFi
- Bitwise Solana Staking ETF (BSOL), Canary Litecoin and HBAR ETFs to Launch Today
- XRP Price Chart Patterns Hint at 2017-Style Breakout as Evernorth Acquires $1B XRP Ahead of Nasdaq Debut
- Cardano Price Eyes 80% Rally as x402 Upgrade Sparks Hope for AI Payment Expansion
- Polymarket Traders Bet Ethereum Price to Hit $5,000 as Bullish Pattern Forms
- Dogecoin Price Prediction As Whales Scoop Over $300 Million- Is A Bull Run Ahead?
- Pi Coin Price Jumps 24% as 10M Tokens Exit Exchanges – Can Bulls Sustain the Momentum?
- Bitcoin Price Poised to Break $125k? If President Trump Announces Deal with China on October 30th
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
