US Labor Market Strengthens, Impact on Bitcoin and Ethereum Price
Recent US labor market data reveals a robust employment scenario, with Non-Farm Employment Change exceeding expectations at 353K jobs added, surpassing the forecasted 187K.
This strength in the job market, coupled with a steady unemployment rate of 3.7%, signals a resilient economy.
❖ US Labor Jan Nonfarm Payrolls +353K; Consensus +185K
❖ US Jan Unemployment Rate 3.7%; Consensus 3.8%
❖ US Jan Average Hourly Earnings +0.55%, or +$0.19 to $34.55; Over Year +4.48%
❖ US Jan Private Sector Payrolls +317K and Government Payrolls +36K
❖ US Jan Average…
— *Walter Bloomberg (@DeItaone) February 2, 2024
However, this positive economic data has bolstered the dollar, exerting downward pressure on Bitcoin and Ethereum prices.
A stronger dollar often diverts investment away from cryptocurrencies, potentially affecting their market value.
Legislative Effort Against SEC Rule Boosts Bitcoin Prospects
A legislative push led by North Carolina Representative Wiley Nickel, with support from Senator Cynthia Lummis and Representative Mike Flood, aims to challenge a SEC directive (SAB 121), which mandates banks to include customer crypto assets on their balance sheets.
SAB 121 has been one of the biggest impediments to institutional adoption of #bitcoin and cryptocurrency. We’re breaking down this barrier to make digital assets more accessible to Americans. https://t.co/Cj8pv3zoK4
— Perianne (@PerianneDC) February 1, 2024
Overturning this rule could simplify the process for institutions to embrace Bitcoin and other cryptocurrencies.
This move, endorsed by the Chamber of Digital Commerce, is viewed as a step towards ensuring the SEC remains within its regulatory boundaries, potentially encouraging greater institutional engagement with digital assets.
Thereby, repealing SAB 121 is seen as a positive step to boost institutional adoption of cryptocurrencies.
Bitcoin Price Prediction
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