Bitcoin Price Surges to $29,200 as Unemployment Rate Drops to 3.5%
• U.S. unemployment rate dropped to 3.5%, nonfarm payrolls increased by 187,000 in July
• Bitcoin broke above $29,200 on Coinbase after choppy 24 hours
• S&P 500 showed little reaction with a drop of 0.15% following the release of the report
U.S. Unemployment Rate Drops to 3.5%
The jobs and unemployment report for July indicates that the labor market has begun to cool down, in line with the Federal Reserve’s efforts to suppress inflation. Earlier Dow Jones estimates predicted nonfarm payrolls to increase by 200,000, following a rise of 209,000 in June. They fell short of expectations, coming in at 187,000 while the unemployment rate met expectations and settled at 3.5%. As per the Bureau of Labor Statistics , the unemployment rate has ranged from 3.4 percent to 3.7 percent since March 2022.
Bitcoin Breaks Above $29,200
Bitcoin broke above $29,200 on Coinbase after a choppy 24 hours according to data from TradingView . The S&P 500 showed little reaction, dropping around 0.15% following the release of the report indicating a cool-off in the labor market as mentioned before..
Other Market Reactions
Options implied volatility dropped but market still expects turbulence while NFT gas usage on Ethereum reached 2-year low . Bitcoin holders resisted exchanges as data pointed towards potential price surge . Coinbase saw more revenue from subscriptions and services than fees as well..
The jobs and unemployment report for July reveals that despite an overall decrease in labor market activity (due to Federal Reserve’s efforts) Bitcoin continues its bullish trend breaking past $29k on Coinbase while other markets also experienced some changes such as options implied volatility decreasing and NFT gas usage reaching 2-year low among other things.
• U.S Unemployment rate drops to 3.5%, nonfarm payrolls increase by 187k • Bitcoin breaks above $29k on Coinbase • Options implied volatility drops but market still expects turbulence • NFT gas usage reaches 2-year low • Bitcoin holders resist exchanges