US jobs increase while Bitcoin declines
The most well-known cryptocurrency, Bitcoin (BTC), is still having bad luck. The price of Bitcoin has decreased in the cryptocurrency market, which is further negative news for the Bitcoin community. It corresponds with the excellent news that the US jobs report has improved significantly recently, albeit in a paradoxical way.
According to a study by the US Bureau of Labor Statistics, the number of people employed on nonfarm payrolls increased by 528,000 in July of this year, and the unemployment rate decreased slightly to 3.5 per cent. There has been widespread employment growth, with increases in leisure and hospitality, professional and commercial services, and health care taking the lead.
The notion that the increase in jobs will spur the US Federal Reserve to keep raising interest rates damaged Bitcoin the most, despite the belief having strong economic grounds. The robust employment market in the US undercuts the currently popular assumption that the recession is a hiring brake.
In reaction to the statement made by Federal Reserve Chair Jerome Powell that there is a possibility that the Fed will go slowly with monetary tightening for the remainder of 2022, BTC had increased by 8% and Bitcoin trading moved in the band of US$22,600-US$24,500. After that, however, James Bullard, the president of the St. Louis Federal Reserve, made a statement indicating that the US central bank may opt for an extra 1.5 percentage point hike in interest rates before the end of the year.
The perplexing situation has directly affected Bitcoin's prospects, forcing it to see a price decline in the extremely unpredictable cryptocurrency market. After the US jobs report was released, Bitcoin prices dropped on above-average volume by over 2%.
Source - Analytics Insight
Category
Discrimination
Job Descriptions
Time Worked
Mentoring & Coaching
Communication
Onboarding
Opening
Policies & Practices
Campus Placement
Drug & Alcohol Testing
Business Continuity
Communicable Diseases
Eligibility Verification (I-9)
Dependent Benefits
Workplace Wellness
Business Acumen
Disability Accomodations
Closing
Talent Acquisition
Social Media
Educational Assistance
Paid Leave
Remote & Hybrid Work
Workers' Compensation
Workplance Violence
Environmental Health Hazards
Gender Identity
Employee Data Privacy
Data Security
Compensation & Benefits
Family & Medical Leave
Substance Abuse
Work Visas
Workplace Security
Parental Leave
Disability Benefits
Age
Contracts & RFPs
Workforce Planning
Change Management
Succession Planning
Learning & Development
Hiring & Firing
Wellness Benefits
Retention
Employment Law & Compliance
Inclusion, Equity &
Severance Pay
Fiduciary Duty
Ethnicity
Tags
Article
How Startups Can Ensure Success While Working With Freelancers
However, the scenario has changed drastically in the last ten years. According to a report by Forbe ...
A complete breakdown of the US Commercial Drivers Licenses
In the United States of America to operate any type of large automobile, you need a license. This i ...
With Remote Working Being the New Norm, How to Hire the Best remote Workers
Before the advent of the COVID-19 pandemic, about 7 million people in the US alone were working rem ...
The Future of Gig Employment
There’s no denying that the gig economy has seen much growth since the last recession. With the spr ...
Comments