US Employment Data Has Helped Bitcoin

US employment data has helped Bitcoin. Bitcoin rose sharply after the data was released.

The positive effects of the US Department of Labor's announcement that non-farm employment remained at 235,000 and the figure remained far below expectations on Bitcoin began to be felt at noon today. The fact that the number predicted as 733 thousand came at a rate of 1 in 3 brought Bitcoin, which was at $ 49400 in the morning at TSI, to $ 50940 in the afternoon. Bitcoin's market value has also approached the level of 1 trillion dollars with the increase in price. With this price action, Bitcoin also surpassed $ 50,500, which is a technically important resistance zone. This situation, which was negative for the US dollar, worked for Bitcoin even in a very short time. Cryptocurrency investors think that the US Federal Reserve's monetary easing policy will add value to Bitcoin, which has limited supply, while reducing the value of the dollar. Bitcoin is also often described as a speculative asset by Wall Street, the center of the traditional market. In addition, the July figure of 943 thousand in the employment statement was revised to 962 thousand, while the labor force participation rate, which determines the percentage of the US population working or actively looking for a job, remained unchanged at 61.7%, as in July.