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%
Good news for who? Dose this percentage applies to the whole world?
That unemployment rate fell by 0.2% in USA does no mean the same in other countries so don't expect immediate positive impact because other countries are still battling with unemployment rate and since crypto is a currency that has the support of people from all around the world, it is likely others are not yet experiencing this improvement.