RATE Group | Market Wrap: There’s a Bright Side to Bitcoin’s Drop on Worsening Unemployment
87123
post-template-default,single,single-post,postid-87123,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Market Wrap: There’s a Bright Side to Bitcoin’s Drop on Worsening Unemployment

01 May Market Wrap: There’s a Bright Side to Bitcoin’s Drop on Worsening Unemployment

Posted at 01:58h in Bitcoin News by

Bad U.S. jobless data pulled markets lower Thursday, affecting even bitcoin. But there may be a silver lining for the cryptocurrency.

At press time, the world’s largest cryptocurrency was up just 1% over 24 hours at $8,864, with 10-day and 50-day technical indicator moving averages converging, thus signaling sideways sentiment. After bitcoin prices jumped to their highest levels in nearly two months, up as much as $9,478 on Coinbase in early trading Thursday, dismal unemployment numbers cut the gains down to size.

btcdailyapril30
Bitcoin trading on Coinbase since April 28
Source: TradingView

Read more: Bitcoin Options Trading Volumes Surge as Price Moves Above $9.4K

Increasing unemployment is causing investors increasing concern. Another 3.8 million Americans filed for jobless claims this week, bringing the total to 30 million in the past six weeks after the coronavirus pandemic significantly slowed economic activity. 

unemploy2020
Staggering levels of unemployment loom over the U.S. economy
Source: CNBC

The hits…

Source link

Tags:
, , , , , , ,