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
Employee Relations
Environmental Health Hazards
Promotion
Retirement Benefits
Leave Management
Organizational &
Unemployment Benefits
Inclusion, Equity &
Employee Handbooks
Hiring
Employment Contracts
Salary Surveys
Religion & Spirituality
Opening
Organization & Employee Development
Severance Pay
Ethnicity
Trends
Firing
Parental Leave
Opening & Closing
Work Visas
Privacy
Labor Relations
Contemporary Issues
Business Continuity
Electronic Records Management
HR Software
Employee Conduct
Wellness Benefits
Family & Medical Leave
Global Mindset
Workers' Compensation
Gender Identity
Change Management
Relationship Management
Social Media
Mentoring & Coaching
HR Careers
Ethical Practice
Workplace Wellness
Affirmative Action
Overtime Eligibility &
Open Enrollment
Flexible Spending Account
Disaster Preparation & Response
Recruiting
Guides
Intellectual Property
Eligibility Verification (I-9)
Tags
Article
This Thanksgiving - Give Thanks To All These People
This Thanksgiving is going to be different, no doubt! But it need not be different in a negative se ...
Know the Work Habits of Highly Effective Employees
The employees are the most valuable assets of any organization. It’s their credibility, efficiency, ...
COVID-19 - 6 Challenges Staffing Firms Are Likely to Face
Most industries have severely suffered in the ongoing pandemic with a few exceptions, like healthca ...
Millennials Care About These 8 Things at Their Workplace - Are Your Offering Those?
Millennials are considered to be social people, who live by the ‘work hard play hard’ mantra and ar ...
Comments