On Friday, Bitcoin (BTC) made a significant comeback and surpassed $27,000 once more. The most recent job statistics from the U.S. Labour Department have helped to drive the market’s leading cryptocurrency.
The crypto king recovered from a drop that saw it strike a low of $26,519 to soar to an intraday high of $27,421 on the Bitstamp platform, according to statistics.
Currently, Bitcoin is maintaining its position close over the $27,000 barrier, showing the strong market attitude.
Surprisingly strong jobs gains
Astonishingly, 339,000 jobs were added to the American economy in May, exceeding projections by a wide margin. This is a testament to how strongly the monster that is the American economy operates.
These employment increases, together with positive revisions for March and April, suggested a strong jobs engine, boosting confidence among Bitcoin users. The results were revised upward in April and March by 41,000 and 52,000, respectively, and went over the three-month average of 283,000 jobs.
Inflation remains a lingering concern
However, analysts were caught up in figuring out how it may affect inflation and the Federal Reserve’s following policy decisions.
With the labour market continuing on its current explosive trajectory, the Fed may be forced to reintroduce price stability as a result of the pressure on prices.
As a result, there is uncertainty about the possibility of another interest rate increase by the Fed. ING Economics’ analysis indicates that despite the conflicting reactions to the U.S. employment report, the market seems to be leaning towards the Fed delaying raising interest rates in the following month. However, a spike in core inflation just before the Fed’s pivotal meeting might shatter the equilibrium.
