Bitcoin hit new all-time highs on March 8 after United States unemployment boosted the case for interest rate cuts.
BTC price sets new record
Data from Cointelegraph Markets Pro and TradingView followed buoyant BTC price action as bulls sent the market into price discovery, reaching $70,184 on Bitstamp.
The largest cryptocurrency gained as the latest U.S. jobless data showed unemployment beating forecasts in February, indicating that inflationary pressures were waning at the hands of restrictive economic policy.
The unemployment rate nationwide came in at 3.9% — 0.2% higher than expected, while January figures for jobs added were revised lower.
“The market’s reaction to this so far has been sending stocks higher,” trading resource The Kobeissi Letter wrote in part of a reaction on X (formerly Twitter).
“This is largely due to the jump in the unemployment rate and large downward revisions.”
Bitcoin and altcoins followed equities in a risk-asset revival, with $70,000 hitting for the first time ever.
Commenting on the unfolding events, popular market participants stressed the significance of the timing of the new highs, these uniquely coming before a block subsidy halving.
As a result, BTC/USD could put in a macro cycle top sooner than previously thought.
“Bitcoin is doing what it has not done in history,” one such X post from Mikybull Crypto read.
“Cycle top is coming faster than what people projected.”
U.S. dollar gives up gains
The jobs data meanwhile spelled fresh misery for U.S. dollar strength.
The U.S. dollar index (DXY) fell to nearly its lowest levels in two months on the release, bottoming at 102.36 and down nearly 5% versus its year-to-date highs.
The Federal Reserve’s next decision on whether to lower interest rates is due on March 20, with market expectations nonetheless hawkish.
The latest estimates from CME Group’s FedWatch Tool put the odds of an impending cut at just 3%.
During the week, Fed officials, including Chair Jerome Powell in scheduled testimony, had maintained conservative language over future policy timing.
