Bitcoin rises in price amid expectations of data on rising unemployment in the US

According to preliminary data from the US Department of Labor, in May, an increase in actual unemployment in the country to 3.6% was recorded. The crypto market reacted to the news by increasing the value of the main cryptocurrencies.

The US Department of Labor (DOL) generates monthly employment reports based on data on the number of registered claims for unemployment benefits that were filed for the first time during the reporting period. DOL data on the US JOLT employment indicator for May showed that the number of vacancies in the US fell to a new two-year low, and weaker demand for labor was a leading catalyst for possible job losses. The aggravation of the banking crisis negatively affects the US labor market and economy.

Federal Reserve Chairman Jerome Powell has repeatedly said that the unemployment rate is taken into account by the Fed before deciding whether the US economy needs another interest rate hike or not.