USA announced non-farm employment data. According to the data, February employment increased by 678,000, well above expectations. Economists had expected 400,000.
TDI data is a data that is closely watched by crypto investors. Data showing that the labor market has become quite tight could lead to rapid wage increases that could drive inflation if businesses try to pass on rising personnel costs to consumers.
As it is known, the Fed plans to tighten its monetary policy and increase interest rates in the face of increasing inflation. Fed Chairman Powell, in his statement recently, said that they wanted to increase interest rates at the end of March due to the uncertainty about Ukraine and Russia. Expectations are that the Fed will raise interest rates by a quarter basis point.
Pressure Rises in Bitcoin
After the data was released, Bitcoin experienced some decline. It fell from the levels of $ 41,700, where it was traded, to $ 40,900. At the time of publication, it is trading at $ 41,387.
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