Reserve

Bank

Equity

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s value increases despite a drop in equity indices following strong US job data.</li>
 <li>The European Central Bank (ECB) cuts interest rates, following the Bank of Canada’s similar move.</li>
</ul>
<p>Bitcoin’s value has seen a surge, despite equity indices falling in response to stronger than expected US job data.</p>
<p>The Federal Reserve may reconsider its plans to cut interest rates after US job growth in May exceeded expectations.</p>
<p>The US Labor Department reported a rise in unemployment to 4.0%, the first time since January 2022, and non-farm payrolls increased by 272,000 jobs, outpacing economists’ predictions.</p>
<h2 id="bitcoin-and-equity-indices">Bitcoin and Equity Indices</h2>
<p>The dollar saw a broad rebound in the early US trading session following the release of the robust employment data, and <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> also experienced gains, even though equity indices were on a downward trend.</p>
<p>Major European and UK equity indices were in the red, with the FTSE 100 in London recording a 37.45-point decrease to 8,254.60 in mid-day trading.</p>
<p>The Stoxx 600 index in Europe and the Dow Jones Industrial Average in New York also saw declines.</p>
<p>Despite this, Bitcoin’s value increased by around 0.2% and was trading for $71,366 at 10:08 a.m. ET.</p>
<h2 id="interest-rate-cuts">Interest Rate Cuts</h2>
<p>On Thursday, the European Central Bank (ECB) cut interest rates as expected, lowering the ECB’s key rate to 3.75%, down from a record high of 4%, where it has been since September 2023.</p>
<p>This is the ECB’s first rate cut since 2019.</p>
<p>The ECB’s move follows the Bank of Canada’s (BoC) decision to lower its policy rate to 4.75%, the first G7 country to ease monetary policy in the current cycle, with the ECB following suit.</p>

Bitcoin Recovers Alongside Equity Indices In Response To Positive US Employment Data and Anticipated Fed Reaction

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