Search Engine Loud
No Result
View All Result
Wednesday, March 29, 2023
  • Login
  • Home
  • Startups
  • Blockchain
  • NFT
  • Metaverse
  • Industry 4.O
  • News
subscribe
  • Home
  • Startups
  • Blockchain
  • NFT
  • Metaverse
  • Industry 4.O
  • News
subscribe
Search Engine Loud
Home News

Bitcoin Bounces as U.S. Adds 311K Jobs in February, Beating Expectations

poshak walia by poshak walia
March 10, 2023
in News
0
Bitcoin Bounces as U.S. Adds 311K Jobs in February, Beating Expectations
153
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

According to the Nonfarm Payrolls data from the Bureau of Labor Statistics, the U.S. added 311,000 jobs in February, exceeding economist predictions of 205,000. Compared to forecasts for it to remain constant at 3.4%, the jobless rate increased to 3.6%.
The massive job gain of 517,000 in January was downgraded to 504,000.
Following an almost 8% decline in the 24 hours leading up to Friday’s employment report, Bitcoin (BTC) is marginally rebounding and is back to little over $20,000.

The morning jobs report, which is always closely watched, has gained extra significance in light of recent events. First, Federal Reserve Chairman Jerome Powell said earlier this week that in order to combat persistently high inflation, the US central bank may need to become more proactive in tightening monetary policy.

Then, on Wednesday night, cryptocurrency provider Silvergate Bank failed.
Outside of the cryptocurrency community, the Silvergate failure did not cause much worry, but it was soon followed by a collapse in the stock price of SVB Financial (SIVB), the holding company of tech-friendly lender Silicon Valley Bank (down 60% on Thursday and down another 60% in premarket trading on Friday). The SPDR S&P Bank ETF (KBE), which tracks the banking industry, experienced a 7.3% decline on Thursday.
Investors are now wondering if the problem is not cryptocurrency or technology, but rather if the past year’s rise in interest rates has left the banking sector sitting on sizable losses in their bond portfolios. As a result, the term “contagion” has now swiftly returned to the Wall Street lexicon.

A noteworthy statistic from the payrolls data for February was average hourly earnings, which were up by 0.2% but less than expected at 0.3%. This was down from 0.4% in January. Earnings increased 4.6% vs 4.4% in January on an annual basis.

Even though the unemployment rate increased, February’s 311,000 jobs gains (and the minimal downward revision to the January data) are expected to put the pressure on the Fed to keep raising interest rates, which could continue to be a hindrance for the banking industry and for bitcoin.

(Visited 14 times, 1 visits today)

Related Posts

Binance Coin Price Latest News

Binance Coin Price Prediction as CFTC Sues Binance – Is This the End of Binance Crypto Exchange?

March 29, 2023
Amazon Drops NFT Bombshell

Amazon Drops NFT Bombshell: Official Email Teases Digital Tokens and Platform Gallery

March 28, 2023
Nvidia CTO Claims Cryptocurrencies

Nvidia CTO Claims Cryptocurrencies are Useless: AI Chatbots a Better Use of Processing Power

March 28, 2023
Shiba Inu Price Latest news

Shiba Inu Price Prediction as SHIB Jumps 8% from Recent Bottom – Where is the Next SHIB Target?

March 28, 2023
Binance latest news

Breaking: Binance Sued By CFTC Over Offering Unregistered Crypto Derivative Trading Products in US

March 28, 2023
XRP Price Prediction

XRP Price Prediction as XRP Becomes Best Performing Crypto Over the Last 7 Days – Is a New Bull Market Starting?

March 28, 2023
  • Trending
  • Comments
  • Latest
Ethereum’s Goerli Testnet is Now Live with Scroll’s zk-EVM Layer 2

Ethereum’s Goerli Testnet is Now Live with Scroll’s zk-EVM Layer 2

March 3, 2023
ChatGPT Saved Rs 90 Lakh by Writing a “Scary” Email to Ghosted Consumers!

ChatGPT Saved Rs 90 Lakh by Writing a “Scary” Email to Ghosted Consumers!

March 3, 2023
Listed Crypto Company Robinhood Receives SEC Subpoena For An Investigation

Listed Crypto Company Robinhood Receives SEC Subpoena For An Investigation

March 3, 2023
A Detailed Guide: White Label Crypto Exchange

A Detailed Guide: White Label Crypto Exchange

0
Future of Web 3.0 in Banking Sector

Future of Web 3.0 in Banking Sector

0
Web 3.0 vs. Metaverse: What's the difference?

Web 3.0 vs. Metaverse: What’s the difference?

0
Binance Coin Price Latest News

Binance Coin Price Prediction as CFTC Sues Binance – Is This the End of Binance Crypto Exchange?

March 29, 2023
Amazon Drops NFT Bombshell

Amazon Drops NFT Bombshell: Official Email Teases Digital Tokens and Platform Gallery

March 28, 2023
Nvidia CTO Claims Cryptocurrencies

Nvidia CTO Claims Cryptocurrencies are Useless: AI Chatbots a Better Use of Processing Power

March 28, 2023

Recent Posts

Binance Coin Price Latest News

Binance Coin Price Prediction as CFTC Sues Binance – Is This the End of Binance Crypto Exchange?

March 29, 2023
Amazon Drops NFT Bombshell

Amazon Drops NFT Bombshell: Official Email Teases Digital Tokens and Platform Gallery

March 28, 2023

About Us

  • Home
  • Startups
  • Blockchain
  • NFT
  • Metaverse
  • Industry 4.O

Our Categories

  • Blockchain
  • Industry 4.O
  • Metaverse
  • Startups
  • NFT

Please Subscribe

  • Home
  • News
  • Contact
  • Privacy Policy
  • Blogs

© 2023 Search Engine Loud

  • Home
  • Startups
  • Blockchain
  • NFT
  • Metaverse
  • Industry 4.O
  • News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version