Crypto Markets Quiet Ahead of US Easter Holiday Despite Revised Jobless Data
As Americans prepared for the Easter weekend, the crypto markets traded quietly. Investors didn’t seem fazed by the US Department of Labor’s revised jobless data that showed a higher number of unemployment claims than initially reported. The revision raised questions about whether the numbers are understated and whether it would lead to a higher figure in the coming week’s release.
Higher Jobless Claims Bode Well for the Market
The report also revealed that jobless claims for the week ending March 25 were revised significantly higher, aligning with what the Federal Reserve Open Market Committee (FOMC) wants to see. While the decline in claims for the week ending April 1 is the opposite of what FOMC officials would like to see, the increased jobless figures bode well for the market.
Crypto Investors Largely Unmoved by Revised Figures
Bitcoin and Ether didn’t appear to be affected by the revised figures, trading at roughly the same levels as the previous week. Despite the consensus that the revision would have had a bullish impact on prices, investors seem unconcerned by the higher number that still fell within acceptable expectations.
With Friday’s non-farm payrolls data set to be released, it remains to be seen how the markets will react. However, trading activity may remain muted as the US holiday season approaches.
Source: CoinDesk
