Bitcoin Bounces As U.S. Adds 311K Jobs In February
By Laxmikant Khanvilkar
The U.S. added 311,000 jobs in February, topping economist forecasts for 205,000, according to the Bureau of Labor Statistics’ Nonfarm Payrolls report. The unemployment rate rose to 3.6% versus expectations for it to hold steady at 3.4%.
January’s blowout job gain of 517,000 was revised lower to 504,000.
Having slumped nearly 8% in the 24 hours prior to Friday morning’s jobs numbers, bitcoin (BTC) is bouncing modestly in the immediate aftermath, returning to just above $20,600 posting 3.14% gain in the last 24 hours. Whereas, Ether traded around $1470, rising almost 3% in the similar time frame.
While the Silvergate failure didn’t arouse much concern outside of crypto circles, it was quickly followed by a crash in the stock price of SVB Financial (SIVB), the holding company of tech-friendly lender Silicon Valley Bank.
Despite the rise in the unemployment rate, February’s 311,000 job gain is likely to keep the pressure on the Fed to continue hiking rates, which in turn could be a continued headwind for the banking sector and for bitcoin.
The global crypto market cap is $944.16B, a 1.03% increase over the last day. The total crypto market volume over the last 24 hours is $77.17B, which makes a 29.78% increase. The total volume in DeFi is currently $5.80B, 7.51% of the total crypto market 24-hour volume. The volume of all stable coins is now $75.95B, which is 98.42% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 41.50%, a decrease of 0.05% over the day.
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