Bitcoin Soars Following Strong US Jobs Data and Fed Rate Cut
Bitcoin soared past $63,000, marking a 6.5% increase in just one day, driven by recent US economic data and the Federal Reserve's rate cut.
The latest figures show a drop in initial jobless claims to 219,000 for the week ending September 14, lower than the anticipated 234,000 and down from the previous 231,000.
Continuing claims also fell to 1.829 million, better than the expected 1.851 million and the prior 1.843 million. Additionally, the Philadelphia Fed Manufacturing Index improved to 1.7 in September from -7.0 in August, exceeding the forecast of -1.
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These positive economic signals, indicating a strengthening labor market and manufacturing sector, have bolstered investor confidence.
A healthier economy could lead to greater investment in risk assets like Bitcoin.
The Federal Reserve’s recent 50-basis-point rate cut also contributed to Bitcoin’s rise, as lower rates reduce the cost of holding non-yielding assets, making Bitcoin a more attractive investment.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
