When Jobs Stay Strong, Bitcoin Pays Attention
Today’s U.S. initial jobless claims print came in at 198,000, well below the 215,000 consensus, with continuing claims down to 1.884 million. That’s the kind of number that quietly tells macro traders the labor market still isn’t cracking, even if hiring has cooled. The immediate downstream effect is familiar: yields firm up, the dollar catches a bid, and the market trims the odds of near-term, aggressive Fed easing.
Crypto tends to feel that through liquidity expectations, not through employment itself. When “cuts soon” gets pushed out, leveraged risk has less oxygen, and rallies start to stall in places that were already crowded. That’s why you often see Bitcoin and Ether hesitate or fade after a strong-macro surprise, even if nothing about the network has changed.
The interesting part is the nuance. Lower claims can be read as a healthier consumer backdrop, which is supportive over time, but in the short run it’s a reminder that the easy-money narrative isn’t back. Crypto didn’t get worse today; the discount rate did.
#USJobsData #CPIWatch #USNonFarmPayrollReport #WriteToEarnUpgrade
