Crypto Market Rebounces as U.S Job Openings Fell by 9.6 Million

• Job openings have dropped to their lowest level since April 2021.
• Following the release of the data, the price of bitcoin rose by 2%, to $28,695.

Job opportunities in the United States dropped by 9.6 million in March, according to data from the Bureau of Labor Statistics, below market forecasts of 9.775 million.

Due to increasing interest rates, job openings have dropped to their lowest level since April 2021. Bitcoin’s price shows continued volatility, as it climbs after falling below the $28,000 mark. Following the release of the data, the price of bitcoin rose by 2%, to $28,695.

U.S. Bureau of Labor Statistics’ Job Opportunities and Labor Turnover Summary (JOLTS) report for March 2023 shows a decrease in job opportunities of 384,000 to 9.6 million. The number of available jobs is now less than the predicted 9.74 million.

All Eyes on Upcoming U.S Fed Interest Rate

Meanwhile, at 6.1 million and 5.9 million, respectively, the number of hires and total separations remained relatively stable. The continuous layoffs, especially in the technology and finance industries, have contributed to the 1.8 million layoffs and discharges in the United States.

The U.S. dollar index (DXY) rose to a high of 102.40 before falling, as both the JOLTs job openings and US industrial orders MoM statistics came in lower than anticipated. With investors still wary of taking on new positions before the Fed’s monetary policy meeting, the U.S Stock market dropped more than 1%. Another rate hike of 25 basis points from the Fed is anticipated.

As the U.S. Federal Reserve prepares to announce its interest rate decision, the price of bitcoin is currently trading under pressure. The cryptocurrency market will stay under pressure until Fed Chair Jerome Powell publicly takes a hawkish or dovish position on monetary policy. All eyes are on the upcoming Fed Interest Rate decision