Bitcoin Price Rises Despite Uptick in Unemployment Claims

Traders await Powell’s speech at the Jackson Hole Economic Symposium on Friday.

Crypto markets traded higher on Thursday morning despite new U.S. job data indicating an uptick in unemployment claims.

According to the U.S. Department of Labor (DoL), the number of U.S. residents applying for unemployment benefits rose to 232,000 in the week ending August 17, slightly higher than Dow Jones’ estimate of 230,000.

Bitcoin (BTC) rose by 3% in the last 24 hours, while Ethereum (ETH) climbed 2%. Polkadot (DOT) and Solana (SOL) also increased by 2%.

Among the top 100 cryptocurrencies, meme coin FLOKI (FLOKI) was the biggest gainer, soaring 14%. Artificial Superintelligence Alliance (FET) followed closely with a 12% increase, and Fantom (FTM) with 10%. Helium (HNT), Tron (TRX), and Aave (AAVE) were the worst performers, with each falling between 3% and 5%.

On Wednesday, the minutes from the Federal Reserve’s July meeting indicated that many members felt it would “likely” be a good idea to lower the key interest rate at the central bank’s September meeting, should the data continue to come in as expected.

With traders turning their focus to Federal Reserve Chair Jerome Powell’s upcoming speech at the Jackson Hole Economic Symposium on Friday, there is anticipation for more insight into future rate policies.

“Overnight, the downward revision of U.S. non-farm payrolls highlighted a weaker labor market, sparking concerns that the Fed might delay rate cuts, triggering a selloff,” trading firm QCE Capital noted.

According to the firm, these worries eased after the July FOMC minutes showed that some policymakers were open to rate cuts, signaling a more dovish stance.

“The dovish tone lifted risk assets, pushing BTC above $61,800, fueled by strong buying on Coinbase until 4 a.m. SGT. Aggressive bids on Coinbase (indicating U.S. onshore demand) have been a good signal for short-term trends,” the firm added.

Stock Markets Mixed

U.S. stock markets fell on Thursday. The Dow Jones Industrial Average dipped 0.4%, the S&P 500 futures shed 0.8%, and the Nasdaq-100 plunged 1.7%.

Most major Asian stock markets traded higher during Wednesday’s session. Japan’s Nikkei 225 rose by 0.68%, Taiwan’s Taiex by 0.85%, and Hong Kong’s Hang Seng increased by 1.40%.

Australia’s All Ordinaries and Korea’s KOSPI index also saw gains of 0.29% and 0.24%, respectively.