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%
The first thing that comes to my mind is that this has nothing to do with bitcoin so bitcoin and the market in general probably did not move according to this announcement at all and the price just moved according to its own dynamics, and we must also remember that governments lie with their statistics all the time, just because the rate of unemployment went down this does not mean there are less people without a job, someone which has given up and it is not looking for a job anymore is not counted in this statistic despite being unemployed.