US Dollar Slumps as Bitcoin Surges to Record $70K High Amidst Strong US Jobs Data

Bitcoin (BTC) reached new record highs on March 8 following positive United States unemployment data, which increased the likelihood of interest rate cuts. The price of BTC surged to $70,184 on Bitstamp as investors reacted to the news. The strong jobless data indicated that inflationary pressures were decreasing due to restrictive economic policies. The unemployment rate came in at 3.9%, higher than expected, and January’s job figures were revised downward. The market responded positively to this news, with stocks rising. Bitcoin and other cryptocurrencies also followed suit, reaching $70,000 for the first time ever. Some market participants emphasized the significance of these new highs occurring before a block subsidy halving, suggesting that BTC/USD could reach a macro cycle top sooner than anticipated. The release of the jobs data also led to a decline in the strength of the US dollar, with the dollar index (DXY) falling to its lowest level in two months. The Federal Reserve’s upcoming decision on interest rates, scheduled for March 20, is expected to maintain a hawkish stance. The odds of an interest rate cut, according to CME Group’s FedWatch Tool, are currently estimated at just 3%. Throughout the week, Fed officials, including Chair Jerome Powell, expressed a conservative outlook on future policy timing. As always, readers should conduct their own research and exercise caution when making investment decisions.