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Bitcoin Volatility Could Be Back Owing To US Jobs Report; Here's Why

source-logo  coingape.com 02 June 2023 15:19, UTC

Crypto Market News: The Bitcoin price took a slump and major US stock indices rose on Friday in the initial response to a strong jobs report for the month of May 2023. The U.S. Bureau of Labor Statistics reported that total nonfarm payroll employment increased by 339,000 in May, and the unemployment rate rose by 0.3 percentage point to 3.7 percent. The rise in jobs for May is in equilibrium with the average monthly gain of 341,000 over the past 12 months, the report said. Meanwhile, it remains to be seen how the U.S. Federal Reserve will react to the strong jobs data when it convenes to decide the Federal Funds rate between June 13 and 14.