How US job market slump could boost Bitcoin prices

Bitcoin could rise due to a weaker job market, but Bitcoin ETFs are on track to their third consecutive week of net negative outflows.

The unemployment rate in the United States increased to 4.1%, surpassing the previously anticipated 4.0%, and reaching its highest level since December 2021. The price of Bitcoin has remained trapped in a downtrend for over a month, falling below the significant $60,000 mark.Bitcoin's price dropped by over 10.5% in the 24 hours leading up to 1:04 pm UTC on July 5, reaching a more than four-month low of $53,550. According to Bitstamp data, the last time Bitcoin traded at this level was in February 2024.

Institutional inflows from the United States spot Bitcoin exchange-traded funds have also been lagging behind.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Investors Added Money to Bitcoin ETFs Even as Bitcoin Slipped 7% in JuneHelene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
Source: CoinDesk - 🏆 291. / 63 Read more »

Michael Saylor Reveals Bitcoin ETFs Holding 1 Million BTCBitcoin ETFs have accumulated more than 1 million BTC, marking huge achievement on cryptocurrency market
Source: Utoday_en - 🏆 295. / 63 Read more »