Reserve Dollar

Cryptocurrency

Chair

Bitcoin

Impact

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) reached a new all-time high of $70,184 on March 8, following U.S. unemployment data.</li>
 <li>The U.S. dollar strength suffered, hitting almost its lowest levels in two months.</li>
</ul>
<p>Bitcoin (BTC) set a new all-time high on March 8, following data revealing increased U.S. unemployment.</p>
<p>The largest cryptocurrency’s value surged as U.S. jobless data indicated that inflationary pressures were lessening due to restrictive economic policy.</p>
<h2 id="unemployment-data-and-market-reaction">Unemployment Data and Market Reaction</h2>
<p>The unemployment rate across the U.S was 3.9%, 0.2% higher than anticipated, and January’s job figures were revised downwards.</p>
<p>This data led to a rise in stock values, largely due to the increase in unemployment rates and significant downward revisions.</p>
<p>The bullish BTC price action resulted in the market entering price discovery, hitting $70,184 on Bitstamp.</p>
<h2 id="cryptocurrency-and-u-s-dollar-impact">Cryptocurrency and U.S. Dollar Impact</h2>
<p>Bitcoin and altcoins followed equities in a risk-asset revival, with Bitcoin reaching $70,000 for the first time.</p>
<p>Market participants emphasized the timing of these new highs, suggesting that BTC/USD could reach a macro cycle top sooner than expected.</p>
<p>The job data also signaled trouble for U.S. dollar strength, with the U.S. dollar index (DXY) falling to nearly its lowest levels in two months.</p>
<p>The Federal Reserve’s next decision on whether to lower interest rates is due on March 20, with market expectations remaining hawkish.</p>
<p>During the week, Federal Reserve officials, including Chair Jerome Powell, maintained conservative language over future policy timing.</p>

Bitcoin Skyrockets to Record $70K Amidst US Job Reports Dragging Down Dollar

Table of Contents

crypto.ro global

Other articles published on Mar 8, 2024

Shiba Inu Price Prediction: Top Trending SHIB Surges 8% As This Unique AI Meme Coin Explodes Past...

Binance faces criticism for ‘Crypto’ perfume launch around international women’s day

Orion Unveils Solution to Uniswap Fee Model Following Governance Decision

Breaking: Sam Altman’s Worldcoin (WLD) Files Lawsuit Against Ban in Spain

Bitcoin price ATH in memes: ‘Same same, but different’

SEC Delays Decision on Bitcoin ETF Options

Join our free newsletter for daily crypto updates!