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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/how-does-weak-employment-data-boost-bitcoin/" data-wpel-link="internal">How Does Weak Employment Data Boost Bitcoin?</a><br></p>
<p style="text-align: justify">The weaker than expected non-farm employment data in the US increased the likelihood of early Federal Reserve rate cuts, prompting <a href="https://coin-turk.com/yatirimciyi-korkutan-rapor-yayinlandi-kriptoda-ekimi-unutun" data-wpel-link="internal">Bitcoin</a> to rise above $60,000 again. With the Fed’s decision, upward movements in the cryptocurrency market could soon begin. However, the end of market volatility is not anticipated.</p> 
<h2 style="text-align: justify" id="bitcoin-climbs-above-60-000">Bitcoin Climbs Above $60,000</h2> 
<p style="text-align: justify">In April, the unemployment rate rose to 3.9%, which was higher than the expected steady rate of 3.8%. The unemployment rate has been below 4% since February 2022. However, this increase was balanced by a strong rise in non-farm employment of 175,000, even though it was below the expected 243,000 new jobs.</p> 
<p style="text-align: justify">Despite the slight increase in the unemployment rate, the markets responded positively to the data announcement. <a href="https://en.coin-turk.com/2024-a-pivotal-year-for-bitcoins-ascent/" data-wpel-link="internal">Bitcoin</a> climbed above the $60,000 level. <strong><a href="https://coin-turk.com/kripto-para-fonu-grayscalede-05-milyar-dolarlik-gerileme-goruldu" data-wpel-link="internal">BTC</a></strong> was trading at $60,928 at the time of writing. The US dollar, meanwhile, fell to around 104.6 as tracked by the DXY index.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-347483 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-.png" alt="" width="1837" height="796"></p> 
<p style="text-align: justify">Employment data could support a soft landing scenario for the economy and alleviate concerns of an overly rapid slowdown in the labor market. In 2024, the Fed is now expected to make two 25 basis point rate cuts.</p> 
<h2 style="text-align: justify" id="rate-cut-expectations-affect-cryptocurrencies">Rate Cut Expectations Affect Cryptocurrencies</h2> 
<p style="text-align: justify">The Fed’s rate cut is a tool used to support the economy and usually lowers borrowing costs, thereby encouraging consumer spending and <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investments</a>. However, this reduction can also increase risk appetite in traditional financial markets and trigger demand for alternative investment vehicles.</p> 
<p style="text-align: justify">In this case, <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a> might shift from traditional assets to cryptocurrencies like <strong>Bitcoin</strong>, which could drive up Bitcoin’s price as increased demand positively affects it. However, the Fed’s rate cut should not be seen as the sole factor determining Bitcoin’s price. Overall market sentiment also plays a significant role.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/how-does-weak-employment-data-boost-bitcoin/" data-wpel-link="internal">How Does Weak Employment Data Boost Bitcoin?</a></h5>

How Does Weak Employment Data Boost Bitcoin?

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