Bitcoin rallies slightly.... on US interest rate cut expectations, slowing hiring

Bitcoin price is up slightly, hovering near the $63K mark. The gains are being attributed to the U.S. initial jobless claims that exceeded expectations and increased expectations of a rate cut later this year. The slight increase is likely due to the positive impact on the cryptocurrency market of the increase in unemployment insurance claimants last week, which was reported by the U.S. Department of Labor on Aug. 8 (local time). The slowdown in employment has increased the chances of a rate cut by the US Federal Reserve.

The U.S. Department of Labor reported that 231,000 new jobless claims were filed last week, an increase of 22,000 from the previous week. This is the highest level in eight months since the last week of August last year. Continuing jobless claims, those who filed for unemployment benefits for two consecutive weeks, also rose to 1.78 million, up 17,000 from the previous week. Also, “If the U.S. Fed cuts interest rates, crypto prices are likely to rise,” Ryan Lee, chief analyst at BitGet Research, told MarketWatch.

Altcoins were also up. Ethereum was up 2.14% to 4.23 million won per unit, while Ripple was up 0.69% to 726.7 won per unit. Aptos was up 2.5% at 12,290 won, and Sui was up 0.91% at 1,431 won, both at the same time.