Major cryptocurrencies were trading in the green on Thursday evening according to labor market performance stubborn signs, According to the latest jobless claims data.
What happened: Apex Cryptocurrency Bitcoin BTC/USD traded above $25,000, while Ethereum ETH/USD was up 1.66% at around $1,675. dog coin doge/usd was trading at $0.072, up 4.17% over the past 24 hours.
At the time of writing, the global crypto market capitalization stood at $1.09 trillion, up 2.21% over the previous day.
US equity markets also turned in the green. The S&P climbed 1.76%. The tech-heavy Nasdaq Composite was up 2.48%.
The latest data on unemployment growth from the Bureau of Labor Statistics show that initial jobless claims declined to 192,000 in the week ending March 11. This is lower than both the previously reported figure of 211,000 and the market expectation of 205,000. This is a welcome development and may indicate that the labor market is showing signs of improvement.
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news highlightsA new class-action lawsuit is specifically accusing crypto influencers ben armstrong (aka Bitboy), Promoted ftx without disclosing their compensation for doing so. According to the lawsuit, some of these influencers altered YouTube clips that praised the former CEO of FTX Sam Bankman-Fried with a video apologizing for his past support of both the exchange and Bankman-Fried.
only one out of three users of MediationThe airdrop, designed and facilitated by blockchain analytics startup Nansen, a second-layer blockchain running on Ethereum, has received 1,000 tokens or more.
Analyst Note: “Bitcoin is higher as Wall Street is confident that efforts are being made to contain this banking turmoil and central banks globally continue with their respective tightening cycles. The ECB went ahead with its half-point rate hike and expectations for the Fed to deliver another hike are getting better. If the Fed can tighten after its March 22 meeting, it would keep the economy in recession mode and support expectations that we should see weakness in the labor market in the spring. edward moyaSenior Market Analyst at OANDA.
Moya said, “Despite losing a couple [of] Important crypto banks, the drop in yields is welcome news for many crypto startups. As the economy is headed for a recession, the cryptoverse may look more attractive than equities. It appears that the downside risks are greater for the S&P 500 than for bitcoin.
crypto analyzer Justin Bennett Updated his bitcoin outlook, predicting a possible 20% increase in value in a blog post. In a new analysis, Bennett suggests that the historic 35% pump seen over the past five days is not the end – instead, he believes that bitcoin could see further upside if the price can close above $25,000. Might be possible. If this happens, he predicts that BTC could rise above $30,000.
“An aggressive bounce from the $23,000-$23,500 area could send BTC back to $25,200. And a daily close above $25,200 would signal the next move towards the $28,000-$30,000 area. Relying on solid buoyancy from the field.
analyst bob lucas Said BTC is skimming overhead resistance in the $25,000 range in an early cycle move. “It looks like a move towards $28,000-$32,000 is in order once it clears.