Bitcoin gained almost 2% on Friday after the U.S. Bureau of Labor Statistics reported that the unemployment rate in August rose to 3.7% from 3.5% in July. The figures suggest the U.S. economy is slowing, which may influence the Federal Reserve when it meets this month to decide on raising interest rates.
See related article: Bitcoin, crypto market in the green after Fed rate hike
Fast facts
- The announcement is in line with market expectation, as economists had projected about 300,000 additions and a 3.5% jobless rate, according to a Bloomberg survey.
- Most of the top 10 cryptocurrencies, including Dogecoin, Solana, and Cardano, traded up after the announcement.
- The Labor Department said employers added 315,000 jobs in August on a seasonally adjusted basis, a sharp decline from 526,000 in July.
See related article: What US Fed’s interest rate hike means for China and its CBDC
(Corrects headline, first paragraph to show rate rose to 3.7%)
- Bitcoin
- blockchain
- blockchain compliance
- blockchain conference
- BTC - Bitcoin
- coinbase
- coingenius
- Consensus
- crypto conference
- crypto mining
- cryptocurrencies
- cryptocurrency
- decentralized
- DeFi
- Digital Assets
- ethereum
- Forkast
- machine learning
- non fungible token
- plato
- plato ai
- Plato Data Intelligence
- Platoblockchain
- PlatoData
- platogaming
- Polygon
- proof of stake
- u.s.
- W3
- zephyrnet