Veröffentlicht von • Bitcoin (BTC) and Ethereum (ETH) have seen a quick bounce back after the release of JOLTS data, which showed that the number of jobs openings in the United States dropped to 9.6 million in March.
• Crypto market analysts consider this weakening jobs data as positive for cryptocurrencies, since it could force the Fed to pivot from increasing its interest rates until inflation has calmed down.
• All eyes are on the Federal Open Market Committee (FOMC) meeting today, where the US Fed is expected to announce a third-consecutive 25 basis points rate hike, which could be the final one before pausing.
Bitcoin and Ether Bounce Back After Positive Jobs Data
After a sharp rejection at $30,000 levels over the last weekend, Bitcoin (BTC) and Ethereum (ETH) prices have recovered with analysts attributing this recovery to Job Openings and Labor Turnover Survey (JOLTS) data released on Tuesday. The report showed that U.S job openings dropped to 9.6 million in March below expectations of 9.77 million, their lowest level since April 2021.
Crypto Market Analysts See Weakening Jobs Data as Positive
Crypto market analysts believe that low job openings are positive for crypto since it might compel the Federal Reserve to pivot from increasing its interest rates until they feel comfortable that inflation has calmed down. This could lead to asset prices including crypto recovering faster than expected due to reduced pressure from rising interest rates.
All Eyes on FOMC Meeting Today
Today on Wednesday May 3rd, all eyes will be on the Federal Open Market Committee (FOMC), where US Fed is expected to announce a third-consecutive 25 basis points rate hike – potentially being their final increase before pausing. However, this decision could be swayed by other factors such as falling of First Republic Bank over last week showing an impending banking crisis in US financial system which could force Fed into stopping rate hikes sooner than anticipated.
Bitcoin Target Prices – $35K or $25K?
With BTC currently trading at $28,616 with a market cap of $554 billion and ETH trading at $1,863 with a market cap of $224 billion , speculations are rife about whether or not these gains are sustainable and what will be next target price for BTC – either $35k or even higher or dip lower towards $25k? Only time will tell!
Conclusion
The recent pump in BTC & ETH prices is likely attributed to positive jobs data implying that labor market might cool down thus leading to reduced chances of continued interest rate hikes by Federal Reserve which would prove beneficial for asset prices including crypto currencies like Bitcoin & Ethereum . Whether this rally is sustainable or not will depend upon FOMC meeting outcome later today as well as investors’ sentiment going forward but one thing is sure – next key target price would either be around 35k or 25k depending upon overall market conditions!