US Bitcoin Market Reacts to Employment Data and Legislative Developments
by aria-crypto.com
February 7, 2025 at 14:08
US Bitcoin Market Reacts to Employment Data and Legislative Developments
Bitcoin experienced a notable rally when US job growth for January fell below expectations, with the cryptocurrency surpassing $98,500. The US labor market added only 143,000 jobs compared to the anticipated 170,000. Although unemployment dipped to 4.0%, below the forecasted 4.1%, these numbers raised doubts about further Federal Reserve rate cuts. Simultaneously, several US states are advancing legislation to establish Bitcoin reserves, reflecting increased digital asset integration at the state level. Kentucky, for example, proposed a bill to allocate up to 10% of state reserves to cryptocurrencies like Bitcoin. As states like Utah move closer to creating such reserves, the broader implications for Bitcoin's stability and investor confidence continue to unfold amidst fluctuating market predictions and legislative changes.
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