Bitcoin Stays Flat As Crypto Investors Ignore Revised Jobless Data

Twitter icon  •  Published il y a 11 mois  •  Hassan Maishera

Bitcoin continues to trade close to $28k after the revised jobless claims data in the United States and ahead of today’s NFP data release.

TL;DR

  • The US jobless data for the week ending April 1 surpassed analysts’ expectations by 11%. 

  • Bitcoin continues to trade around the $28k region as investors largely ignore the changes.

Jobless Data Didn’t Move The Market

On Thursday, the United States Department of Labor released its weekly jobless claims data. The jobless claims data beat expectations by an even wider margin than in the initial report after the revised version was released yesterday. 

For the week ending April 1, 228,000 Americans filed for unemployment. This is 11% higher than the analysts’ prediction of 205,000. The report also indicated that the jobless claims for the week ending March 25 were revised sharply higher from 198,000 to 246,000.

Despite the higher jobless claims in the United States, the crypto market trader is quietly ahead of the US Easter holiday. 

Bitcoin, the world’s largest cryptocurrency by market cap, has been trading around the $28k region over the past three weeks. Over the past 24 hours, BTC has lost less than 1% of its value and is now trading at $27,954 per coin.

Ether has also been hovering around the $1,900 region ahead of next week’s Shanghai hard fork. The hard fork would allow those who staked Ether coins on the Ethereum network to be able to unstake their coins.

The upgrade is an important one for the Ethereum community as it completes Ethereum’s migration to the proof of stake protocol. Some of the leading altcoins, including Cardano, Dogecoin, Polygon, and Solana, have been underperforming over the last 24 hours.

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.