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
Hiring & Firing
Promotion
Mental Health Benefits
Employee Surveys
Religious Accomodations
Employee Data Privacy
Health Care Benefits
Compensation & Benefits
Talent Acquisition
Global Mindset
Cybersecurity
Organizational Structure
Disability Benefits
Labor Relations
Disability Accomodations
Records & Reports
Firing
Unemployment Benefits
Contracts & RFPs
Electronic Records Management
Retirement & Recognitions
Communicable Diseases
Benefits Compliance
People Management
Environmental Health Hazards
Payroll
Technology
Work Life Integration
Workplace Culture
Intellectual Property
Eligibility Verification (I-9)
Employee Conduct
Pay Equity
Closing
Investigations
Hiring
Bonuses & Incentives
Succession Planning
Organization & Employee Development
Employment Law & Compliance
Discrimination
Employment Offers
Age
Time Worked
Sexual Orientation
Workplace Security
Executive Compensation
HR Software
Employee Resource Groups
Employee Engagement
Tags
Article
Tips To Help You Create A Robust Hiring Strategy For 2021
While employment is steadily rising in all sectors, the fear of COVID-19 still reigns supreme. As t ...
7 Signs That Tell You It’s Time to Quit Your Current Job
Last year, about 4,478,000 workers, which is approximately 3% of the workforce in the US (besides t ...
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 ...
Let's Talk about the Hustle Economy
With the COVID-19 outbreak, it has increased manifold, owing to the rise in remote working. It’s be ...
Comments