The US initial jobless claims came in lower than expected, according to an official release on Thursday, April 16. The Department of Labor revealed that initial jobless claims reduced significantly for the week ending April 11. BTC price dropped immediately after the figures were published.
Bitcoin Drops Amid US Initial Jobless Claims Data
According to Department of Labour data, the US initial jobless claims declined by 11,000 compared to the previous week’s revised figure of 218,000. Moreover, the latest figure of 207,000 came in lower than the consensus estimate of 213,000.
The data suggests a strong labour market in the country similar to the February jobless claims report. In such conditions, the Federal Reserve usually doesn’t look at monetary policy easing, which could impact the crypto market in the long-term.
If the Fed delays rate cuts, the liquidity in the country would be limited and investors would deviate from risk-on assets like Bitcoin and other crypto. Along similar lines, BTC price exhibited an immediate downfall after the US initial jobless claims report.
After the report, Bitcoin fell around the $74,600 level from a high of $75,000 during the day. Nonetheless, it stabilized around $74,800 mark later. Although, in the last 24 hours, BTC price represents a slight 0.88% gain, the unfavorable macroeconomic data could influence its momentum.
Earlier, the U.S. Fed had announced three rate cuts in 2025, which gave a boost to the crypto market. However, this year, there have been no rate cuts as of now. Moreover, the probability of monetary easing is low owing to strong jobs data.
US CPI & PPI Inflation Data Shows Mixed Signals
As CoinGape reported previously, the U.S. CPI inflation came in at 3.3% for March, lower than the 3.4% estimate. Although the milder-than-expected inflation should help in easing the monetary policy, things remain dicey amid recent jobs data. Since CPI inflation marked a massive increase from February’s figure of 2.4%, it signals the Fed is unlikely to trim interest rates.
A similar trend was noticed for the U.S. PPI inflation, which came in lower at 4% compared to expectations of 4.7%. At the time, Bitcoin temporarily rose close to the $76,000 but witnessed a notable pullback as the high inflation rates again pushed back on hopes around a Fed rate cut.
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