• Unemployment rate stays at historic lows, Bitcoin jumps 1.5%.
• Shifting distribution trends among bitcoin ‘whale’ holders.
• Surge in Ruble-based BTC, USDT volume as Dollar strengthens over RUB.
Unemployment Rate Stays Low
The latest unemployment data released from the US showed that the unemployment rate stayed at a historic low of 3.6%, with an unexpected rise in Bitcoin’s value alongside it. Average hourly earnings saw a 0.4% increase and average weekly hours all workers were recorded at 34.4 hours – all of which contributed to the steady economic climate despite some weaker than expected nonfarm payrolls figures coming in below expectations of 230K (209K).
Bitcoin Price Jumps
In light of this news, Bitcoin surged by 1.5% to reach $30,300, showing that investors are continuing to show their support for the digital asset despite its volatile nature and recent drops in price. This could indicate a renewed trust and belief in its long term potential as an alternative asset class given its strong performance during times of economic uncertainty and financial instability.
Shifting Distribution Trends Among Bitcoin Holders
The number of large-scale holders or ‘whales’ has been on the rise since March 2021, indicating a shift in overall patterns of ownership across different types of investors and trading activity within the cryptocurrency market as a whole. This could be indicative of increased institutional involvement or new entrants into the space looking to take advantage of potential investment opportunities while prices remain relatively low compared to their previous highs back in late 2017/early 2018.
Ruble-Based Volume Continues To Increase
Furthermore, there has also been an increase in ruble-based BTC and USDT volumes as the US dollar continues to strengthen against rubles due to geopolitical tensions between Russia and Ukraine earlier this year which led to further sanctions being imposed on Russian entities by several countries including Canada and The United Kingdom (UK). This may be due to traders seeking safe haven assets such as cryptocurrencies amid currency devaluations and increasing inflation rates within certain regions globally – making them attractive options for hedging against such risks posed by fiat currencies like rubles or dollars depending on where they are based out from originally..
Federal Reserve Set To Implement 25bps Rate Hike
Finally, following strong economic data releases, Federal Reserve is set to implement a 25 basis point rate hike – signalling their confidence in current economic conditions moving forward despite potential risks posed by global developments such as Brexit negotiations still ongoing between UK & EU which could result in a sovereign debt crisis if unresolved soon enough..
