Financial markets and cryptocurrency enthusiasts kept a close watch on the Federal Reserve’s interest rate decision and remarks from Chairman Jerome Powell. The event triggered movements in Bitcoin and other digital currencies, pushing Bitcoin’s value to soar past $68,000 overnight. Additionally, the market eagerly awaits new US data concerning unemployment benefit applications.
Revelation of Unemployment Claims Data
The recently disclosed US unemployment benefit claims data revealed 210,000 claims, falling just below the anticipated 212,000 and slightly above the prior count of 209,000. This section of the report delves into how such economic figures influence Bitcoin and other cryptocurrency valuations.
Despite the release of the unemployment figures, Bitcoin’s price has remained resilient, maintaining a position above $67,000. At the moment, the price hovers around $67,330, indicating that the market has not reacted strongly to the US economic data.
Turning attention to Ethereum, the second-in-command in the cryptocurrency hierarchy, it is observed that its price is currently at $3,563. This price check offers a glimpse into the state of altcoins in relation to the prevailing economic indicators.
Stability in Crypto Prices Post Data Release
The report highlights that the recent US economic data did not significantly affect the prices of major cryptocurrencies, with both Bitcoin and Ethereum showcasing price stability in the aftermath of the unemployment claims announcement.