The post Bitcoin & Altcoins Could Rally Following Weak US Job Data appeared on BitcoinEthereumNews.com.

February US job data by the Labor Department showed that the nonfarm payrolls increased by 151K in February, in line with the market expectations. On the other hand, the unemployment rate comes in at 4.1%, sparking market optimism over a potential rally in Bitcoin and altcoin prices. Notably, this data is widely considered by the US Federal Reserve to gauge the economic health and decide their rate cut plans. US Job Data: Here’s All You Should Know The market participants eagerly awaited the Labor Department’s US Job data for insights on the potential future move of the US Federal Reserve. Notably, the latest data showed that the US nonfarm payrolls increased by 151K in February, as compared to 143K noted in the prior month. However, the number comes in lower than the Wall Street expectations of 160K. On the other hand, the unemployment rate comes in at 4.1%, up from the prior month’s figure of 4%. Notably, the soaring unemployment rate and moderate job growth suggest that the Fed may turn dovish with its cautious approach to monetary policy. Notably, both these data marks the highest since December 2024. Meanwhile, the crypto market, including the Bitcoin and altcoins prices, has been closely tied to the performance of the US economy. Having said that, the latest job data may boost the market sentiment. As the Federal Reserve continues to navigate the economic landscape, crypto investors will be keeping a close eye on the central bank’s next moves. Impact Of US Job Data The crypto market recorded a slight recovery following the US Job data. However, despite that, the global crypto market cap was down 3.31% to $2.9 trillion. BTC price recovered and hovered at the $90K mark after dropping to as low as $84,717 in the last 24 hours. Simultaneously, the…

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Filed under: News - @ March 8, 2025 1:21 am