Crypto Market Stabilizes as U.S Unemployment Rate Surges to 3.6%

• The 3.6% unemployment rate just published is at its lowest level since May 1969.
• The news triggered a small surge in Bitcoin’s (BTC) price, taking it above $20k.

According to the most current nonfarm payroll statistics from the Bureau of Labor Statistics, the United States gained 311,000 jobs in the month of February. It’s less than the previously reported 517,000 jobs gained in January, but it’s still far more than the 225,000 jobs that experts expected would be added. The 3.6% unemployment rate just published is at its lowest level since May 1969.

Surprisingly, the unemployment rate fell and more jobs were created in the economy than expected in January, despite a significant wave of layoffs that hit some of the country’s largest corporations. In light of these modifications, and in contrast to the rising anticipation of a 50 bps rate rise after the recent testimony of the Fed chair before the U.S. Senate Hearing, the Federal Reserve may be able to continue with its 25 bps rate hike.

Much Needed Spike

The announcement of the nonfarm payroll statistics caused a widespread price increase in the falling markets. The news triggered a small surge in Bitcoin’s (BTC) price, which led to a rise of 1.57% despite a decrease of 7.42% over the preceding 24 hours. Bitcoin is valued at $20,171 as of this writing as per CMC.

Ethereum’s (ETH) price is now trading at $1,421 as per CMC. This is a rise of 1.17%, but still a significant decline of 8.32% over the last 24 hours. Several cryptocurrencies’ values rose in reaction to the announcement, too, including XRP, DOGE, and BNB. Similarly, with the announcement of the employment report, U.S. stock index futures began to rise amid tumultuous trade.