The post Bitcoin Price Jumps Above $62K As US Jobs Data Boosts Rate Cut Expectation! Here’s What To Expect Next appeared first on Coinpedia Fintech News
Bitcoin’s price surged toward $62,000 shortly after the U.S. government released its Nonfarm Payrolls report. The report, issued earlier today, indicated an unemployment rate for April of 3.9%, slightly above the anticipated 3.8%. This higher unemployment rate suggests that the Federal Reserve might lower interest rates, which typically boosts the appeal of riskier assets such as Bitcoin.
Bitcoin Recovers Following A Rocky Week
The April U.S. nonfarm payrolls data fell significantly short of expectations, highlighting the labor market’s weaknesses that the Federal Reserve indicated could support a case for cutting interest rates.
During a press conference on May 1, Fed Chair Jerome Powell stated, “We are prepared to maintain the current target range for the federal funds rate for as long as appropriate.” He added
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