Crypto Markets Trade Higher Despite New U.S. Job Data Indicating an Uptick in Unemployment Claims

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

Crypto markets moved higher on Thursday morning despite new U.S. job data showing an increase in unemployment claims.

According to the U.S. Department of Labor (DoL), the number of U.S. residents filing for unemployment benefits rose to 232,000 in the week ending August 17, up slightly from the 230,000 expected by economists polled by Dow Jones.

Bitcoin (BTC) rose 3% in the past 24 hours, while Ethereum (ETH) gained 2%. Polkadot (DOT) and Solana (SOL) also rose 2%.

Of the top 100 cryptocurrencies, meme coin FLOKI (FLOKI) was the biggest gainer, up 14%. Artificial Superintelligence Alliance (FET) followed with a 12% gain and Fantom (FTM) with a 10% gain. Helium (HNT), Tron (TRX), and Aave (AAVE) were the worst performers, each down 3% to 5%.

Minutes from the Federal Reserve’s July meeting on Wednesday showed that several members felt it would “likely” be appropriate to begin cutting the key interest rate at the central bank’s September meeting, if data continues to come in as expected.

With traders watching for more clues on future rate policy at Fed Chair Jerome Powell’s speech at the Jackson Hole Economic Symposium on Friday, traders are anticipating more insight.

"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," said trading firm QCE Capital.

But these concerns eased after the July FOMC minutes showed some policymakers were open to cutting rates, signaling a more dovish stance, according to the firm.

"The dovish tone lifted risk assets, pushing BTC above $61,800, driven by strong buying on Coinbase till 4am SGT. Aggressive bids on Coinbase (indicating U.S. onshore demand) have been a good proxy for short term trends," the firm added.

Stock Markets Mixed

U.S. stock futures fell Thursday, with the Dow Jones Industrial Average down 0.4%, the S&P 500 futures down 0.8%, and the Nasdaq-100 down 1.7%.

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

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

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