Amidst rising US unemployment, Bitcoin (BTC) has surged past $61,000. The US Bureau of Labor Statistics reported a lower-than-expected job growth in April, resulting in an unemployment rate increase from 3.8% to 3.9%. Despite this, the data indicates a rise in hourly wages for nonfarm workers. This coincides with BTC's current price surge, trading at $61,428, a 3.6% increase in the past 24 hours.
Bitcoin Surges as US Unemployment Rate Rises
In an unexpected turn of events, Bitcoin (BTC) has witnessed a significant surge in value, surpassing the $61,000 price level. This upward trend coincides with the release of concerning economic data from the United States, indicating a rise in unemployment.
According to a report published by the U.S. Bureau of Labor Statistics (BLS), the number of nonfarm jobs created in the United States during April fell short of expectations. In total, the economy added 175,000 jobs, leading to an increase in the unemployment rate from 3.8% to 3.9%.
"Total nonfarm payroll employment increased by 175,000 in April, and the unemployment rate changed little at 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, in social assistance, and in transportation and warehousing," the report stated. "Among the major worker groups, the unemployment rate for adult men (3.6 percent) increased in April."
Despite the disappointing job growth figures, the BLS report revealed that hourly wages for nonfarm workers are on the rise. Average hourly earnings increased by $0.07 in April, representing an almost 4% increase over the past year.
Although the US economy managed to create 175,000 jobs in April, it fell short of the consensus estimate of 240,000 jobs projected by economists in a CNBC survey.
Concurrent with the release of the unemployment data, the cryptocurrency market experienced a significant upward movement, with Bitcoin leading the charge. At the time of writing, BTC is trading at around $61,428, marking a 3.6% increase over the past 24 hours. Notably, Bitcoin was valued at $39,833 on January 23rd, indicating a substantial rise in its price since then.
Financial experts and market analysts are closely monitoring the situation, attempting to determine whether the surge in Bitcoin's price is a direct response to the disappointing unemployment data. Additionally, they are exploring the potential implications of this development for the wider cryptocurrency market.
