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The level of price swings in the Bitcoin and crypto market is sometimes very discouraging. Many cryptos have continuously lost value in 2022, while others register more pullbacks than rallies. This situation has been the bane of the market since the start of inflationary growth.
Currently, bad news in the macroeconomic environment may affect crypto prices. For example, releasing inflation data usually leads to a price crash. That’s why the general market fears the days when the Feds make the announcements.
Latest US Data Affects Crypto Prices
As usual, a new report on US track data has also impacted crypto prices. But this time, the market witnessed price increases in many cryptocurrencies.
The data released in the US relates to unemployment. According to the United States Bureau of Labor Statistics, unemployment in the country rose to 3.7%. Total non-farm payrolls rose by 261,000 last month, while the estimate was 200,000.
The percentage increase in the unemployment rate in the US was 0.2%, bringing the October total to 3.7%, while the September data showed 3.5%. As a result of this increase, the number of unemployed rose to 6.1 million.
The non-farm wage bill also rose by 261,000 in October, while the estimate was 200,000. The report also found that those who found work were in engineering, healthcare, manufacturing and professional services. According to analysts, these figures showed that the US job market has been tighter in recent months.
US Dollar Index data fell to 112.22 after the release of jobs data in October. Stock market futures are also up more than 1% in the S&P 500, Nasdaq 100 and Dow Jones.
The next part is the CME FedWatch Tool data. According to the report, there is a 47% chance that the Feds will release a 50 basis point hike in December. There is also a 52% chance of a 75 basis point rate hike.
How Bitcoin and others react
After the October data for US jobs went live, the crypto market registered interesting price increases. BTC immediately gained almost 4%, while ETH rose 5%. Currently, the price of Bitcoin is $21,332, which represents an increase in 24 hours.
The number one cryptocurrency tested the $21K mark today and continues to climb. Ethereum has also grown 7.14%, now above $1,600 in 24 hours. Others, including BNB and XRP, gained 8.82% and 9.4% respectively.
Other altcoins, such as Cardano, Solana, Polkadot, Shiba Inu, UNI, Avalanche, etc., have recorded growth of more than 5% as of going to press. Even Litcoin LTC has grown 9.69% in 24 hours. But the biggest winner at the moment is Polygon MATIC, with a price gain of 22.54% in 24 hours.
Featured Image From Pixabay, Charts From Tradingview