Bitcoin Surpasses $50k Barrier and Disappointing U.S. Economic Report

Sep 3

Written By Guest User

Full article found here.

Key Points:

Payroll data shows worsening U.S. jobs gain, limiting concerns of the hinted Federal Reserve interest rate tapering this year.
U.S Bureau of Labor Statistics announces that nonfarm payrolls (NFP) grew by 235,000 in August compared to the expected 733,000 positions. Unemployment rate slowly lowers from 5.4% to 5.2% in August.
This report comes days before the scheduled termination of federal unemployment benefits, coinciding with the federal housing eviction moratorium ending.
Friday’s job report data suggests that the U.S. Central bank would need to continue its $120 billion a month asset purchase programs.
S&P 500 pulls back to yesterday’s high while Bitcoin pushes to levels not seen in over 3 months.
Loose monetary policies in addition to Bitcoin’s growth as a notable financial asset on Wall Street could continue to propel its valuation to higher levels beyond its previous all time high of $65,000.

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