Strong US Jobs Data Slams Crypto Market with Bearish Pressure

A stronger-than-expected US initial unemployment claims figure of 187,000 has reduced the odds of a Fed rate cut and triggered bearish pressure on crypto markets. This unexpected number is significantly lower than the expected 211,000.

The result has led to a pullback in Bitcoin, with prices falling by over 2.2% within hours. The total crypto market cap also fell roughly 2.06%, sliding from $2.24 trillion to $2.20 trillion.