Jerome Powell

Bitcoin

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) hit new all-time highs on March 8 after United States unemployment numberboosted the case for interest rate cuts.
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="btc-price-sets-new-record">BTC price sets new record</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> followed buoyant BTC price action as bulls sent the market into price discovery, reaching $70,184 on Bitstamp.
The largest cryptocurrency gained as the latest U.S. jobless data showed unemployment beating forecasts in February, indicating that inflationary pressures were waning at the hands of restrictive economic policies.
The unemployment rate nationwide came in at 3.9% — 0.2% higher than expected, while January figures for jobs added were revised lower.
“The market's reaction to this so far has been sending stocks higher,” trading resource The Kobeissi Letter <a href="https://twitter.com/KobeissiLetter/status/1766094773109019077" target="_blank" rel="noopener nofollow">wrote</a> in part of a reaction on X.
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 “This is largely due to the jump in the unemployment rate and large downward revisions.”
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Bitcoin and altcoins followed equities in a risk-asset revival, with $70,000 hitting for the first time ever.
Commenting on the unfolding events, popular market participants stressed the significance of the timing of the new highs, uniquely coming before a block subsidy halving.
As a result, BTC/USD could <a href="https://cointelegraph.com/news/btc-price-corrects-bitcoin-pre-halving-all-time-high">put in a macro cycle top</a> sooner than previously thought.
“Bitcoin is doing what it has not done in history,” one such X post from Mikybull Crypto <a href="https://twitter.com/MikybullCrypto/status/1766123979184500921" target="_blank" rel="noopener nofollow">read</a>.
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 “Cycle top is coming faster than what people projected.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/bceda41d-7428-4e57-bb82-6e9210b93217.png" alt="" title="">
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 BTC/USD chart. Source: Mikybull Crypto on X
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<h2 data-ct-non-breakable="true" id="u-s-dollar-gives-up-gains">U.S. dollar gives up gains</h2>
The jobs data meanwhile spelled fresh misery for U.S. dollar strength.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-deep-value-over-btc-price-nears-70k">Bitcoin ‘deep value is over’ says analyst as BTC price nears $70K line</a>
The U.S. Dollar Index (DXY) fell to nearly its lowest levels in two months on the release, bottoming at 102.36 and down nearly 5% versus its year-to-date highs.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/9fa79e5c-0e4f-4b01-a587-ce5d0f78cb6b.png" alt="" title="">
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 U.S. Dollar Index (DXY) 1-day chart. Source: TradingView
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The Federal Reserve’s next decision on whether to lower interest rates is due on March 20, with market expectations nonetheless hawkish.
The latest estimates from CME Group’s FedWatch Tool <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noopener nofollow">put</a> the odds of an impending cut at just 3%.
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 Fed target rate probabilities. Source: CME Group
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During the week, Fed officials, including Chair Jerome Powell in <a href="https://cointelegraph.com/news/btc-price-bearish-64k-5-things-bitcoin-this-week">scheduled testimony</a>, had maintained conservative language over future policy timing.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin price hits $70K all-time high as US jobs data squashes US dollar

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