🌋 The US Unemployment Rate Sees a Decline
posted 8 Dec 2023
The unemployment rate in the US for November fell from 3.9% to 3.7%, defying expectations that it would stay the same.
This is a crucial metric for the US Federal Reserve when setting the interest rate. A higher rate of unemployment typically lessens the likelihood of an interest rate hike. This has also had an influence on the cryptocurrency market.
The CME data indicates that expectations haven’t shifted, suggesting a strong probability that the rate will remain unchanged on December 13.
Lately, the cryptocurrency market has become less responsive to macroeconomic indicators. Instead, the primary catalysts for Bitcoin are developments related to the potential spot Bitcoin ETF and the upcoming Bitcoin halving.
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