Tight labor markets and concerns of rate hikes weigh on crypto markets; hopes of a debt limit deal stem the tide, but only briefly. Bitcoin (BTC) and ether (ETH) fell to the bottom ends of their recent ranges, with economic data appearing to weigh on investor sentiment. Thursday morning’s 8:30 AM ET release of initial jobless claims showed 242,000 Americans filing for unemployment benefits, down 22,000 from last week’s reading of 264,000 and lower by 12,000 than consensus estimates of 254,000. Lower than expected initial jobless claims are likely to be bearish for asset prices in general and crypto prices specifically as it makes it less likely the U.S. Federal Reserve will pause an historic string of rate hikes at its next meeting in June. The Fed’s Federal Open Market Committee
Leave a Reply