Re: Unemployment Rate FELL, But why is the market going DOWN too??
Hello guys,
Yesterday, October 7 at 12.30 (GMT Time), the US government announced that the unemployment rate had fallen to 3.5% from 3.7% in the previous month.
And that's good news, because it signals that the economy is getting better, with lots of job openings.
But why is the market responding negatively? because when the news was announced, a few minutes later the price of BTC actually dropped by about 3%
Yesterday, October 7 at 12.30 (GMT Time), the US government announced that the unemployment rate had fallen to 3.5% from 3.7% in the previous month.
And that's good news, because it signals that the economy is getting better, with lots of job openings.
But why is the market responding negatively? because when the news was announced, a few minutes later the price of BTC actually dropped by about 3%
The .2% increase will not change the market situation or even make the economic situation a bit better. Yes, it has a good impact on the US economy but it has nothing to do with the price of Bitcoin. It could only affect a single country's economy but not the global situation. There are still huge occurrences that affect the blockvhain market which we cannot control which includes the continuous rise of inflation.