Crypto Market Faces Pressure as Strong US Jobs Data Weakens Rate Cut Expectations

• A lower-than-expected number of US citizens filed for unemployment insurance last week.
• The released data has reduced the chances of the Fed increasing interest rates.
• The crypto market faced bearish pressure following the released unemployment claims.

Bitcoin pulled back over 2.2% on Thursday, leading a broader cryptocurrency market decline. The unexpected pullback followed a stronger-than-expected US unemployment claims report.

The indicator, which measures the number of individuals who filed for unemployment insurance for the first time during the week under review, came out at 187,000, significantly lower than the expected 211,000, suggesting an improvement in the nation’s unemployment rate. Overall, the crypto market cap fell by 2.06% within a few hours, dropping from $2.24 trillion in the early hours of Thursday to $$2.2 trillion at the time of writing, acc…

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