US Economy Adds 223,000 Jobs in December, Boosting Cryptocurrency Market
• The primary cryptocurrency Bitcoin reacted with minor volatility heading north after the Labor Department reported that the US continued to beat expectations in terms of new jobs added for the month of December.
• The unemployment rate dropped to a historic low of 3.5%, while the US added 223,000 jobs in December, which was higher than Bloomberg’s estimates of 200,000.
• Overall, the US finished the year with 4.5 million new jobs filled, trailing only to 2021, when the country was recovering from the COVID-19-induced crash.
The cryptocurrency market reacted positively to the news on Friday that the US economy had added 223,000 jobs in December, beating expectations. The Labor Department reported the unemployment rate had dropped to 3.5%, a historic low.
The primary cryptocurrency, Bitcoin, reacted with minor volatility heading north. Bloomberg had estimated the US would add 200,000 jobs that month; however, the actual number of job additions was higher, indicating that the US economy was continuing to recover from the COVID-19-induced crash of 2021.
The US finished the year with 4.5 million new jobs filled. February was the best month in 2022 in terms of jobs added, with over 700,000. December was the second best, with the 223,000 jobs added. The other months of the year were generally positive, but the job growth rate slowed down, indicating that the US was overall on a positive trend.
The strong job numbers, along with the historically low unemployment rate, have been seen as a sign of an overall strong US economy. This, in turn, has been seen as a positive development for the cryptocurrency market, as investors have more confidence in the stability of the market.
The positive job numbers also have been seen as an indication that the US Federal Reserve will continue its policy of low interest rates and loose monetary policies, which have been seen as boosting the cryptocurrency market. The US Federal Reserve has been one of the most active central banks in the world in terms of supporting the cryptocurrency market.
Overall, the strong job numbers have been seen as a positive development for the cryptocurrency market. The market reacted positively, with Bitcoin jumping towards $17,000 as investors gained more confidence in the stability of the cryptocurrency market. With the US economy continuing to recover and the Federal Reserve continuing its policy of low interest rates, it is likely that the cryptocurrency market will remain positive in the near future.