Bitcoin Drops as US Adds 272K Jobs, Unemployment Hits 4%

Author: Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

Jun 7, 2024 19:37

The US employment data revealed that the country added 272,000 jobs in May, exceeding market expectations. However, the unemployment rate rose to 4%, surpassing the anticipated 3.9%, indicating mixed economic signals. Additionally, US hourly wages increased by 0.4% in May. The market will now closely watch next week’s key inflation data, including the US CPI and PPI. The latest report by the Labor Department caused Bitcoin’s price to drop from a 24-hour high of $72,000 to $70,875.25 within minutes.