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Bitcoin gains as US unemployment rate rises to 3.7%, indicates inflation slowing

·1 min read

Bitcoin gained almost 2% on Friday evening in Asia after the U.S. Bureau of Labor Statistics reported that the unemployment rate in August rose to 3.7% from 3.5% in July. The figures suggest the U.S. economy is slowing, which may influence the Federal Reserve when it meets this month to decide on raising interest rates.

See related article: Bitcoin, crypto market in the green after Fed rate hike

Fast facts

  • The announcement is in line with market expectation, as economists had projected about 300,000 additions and a 3.5% jobless rate, according to a Bloomberg survey.

  • Most of the top 10 cryptocurrencies, including Dogecoin, Solana, and Cardano, traded up after the announcement.

  • The Labor Department said employers added 315,000 jobs in August on a seasonally adjusted basis, a sharp decline from 526,000 in July.

See related article: What US Fed’s interest rate hike means for China and its CBDC

(Corrects headline, first paragraph to show rate rose to 3.7%)