Crypto Markets Analysis: The two largest cryptocurrencies by market capitalization reacted positively to a reduction in job openings. GWilliamsJr_CMT reports
Bitcoin and ether responded positively following Tuesday’s Job Openings and Labor Turnover Survey data, each increasing close to 2% during the hour of release.The report showed that job openings in the United States declined to 9.6 million in March, below expectations of 9.775 million, and their lowest level since April 2021.
The Federal Reserve will continue to raise interest rates until it feels comfortable inflation has calmed.Labor markets must cool for inflation to decline.In general, pinning price increases and decreases to macroeconomic reports with 100% certainty is difficult. But the timing of Tuesday’s spikes in bitcoin’s price and volume suggests strongly that BTC responded to the jobs report. Prices moderated throughout the remainder of the day following the initial move higher.
One curious development is that other risk assets, most notably equities, did not react similarly to the jobs data. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average , each declined following the data release.
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