Bitcoin Breaks $20K: Markets Favor 25bps Over 50bps

• The US Non-Farm Payroll (NFP) and unemployment data released recently has seen Bitcoin break $20k.
• This news has impacted the US dollar, with a retreat to 104.8, leading to an uplift in major currencies such as EUR and GBP.
• Markets are now favouring 25bps over 50bps for the upcoming Federal Open Market Committee (FOMC) meeting on 22nd March.

US NFP and Unemployment Data Impact Bitcoin

The release of the US Non-Farm Payroll (NFP) report and unemployment rate data have seen Bitcoin break $20,000 mark. With 311k jobs created versus an estimate of 205k, the unemployment rate went up to 3.6% instead of the expected 3.4%. Immediately after this news broke out, Bitcoin surged past its all-time high of 19K reaching 20K mark within minutes.

Impact on US Dollar

The news had a huge impact on the value of US dollar, with it retreating to 104.8 which saw a surge in other major currencies like EUR and GBP. Analysts are now favoring 25 bps over 50 bps as the most likely outcome for FOMC meeting on 22nd March with a terminal rate of 5.50%.

Bitcoin Trend Following NFP Release

Following this news release Bitcoin has continued its bullish trend with market analysts predicting more gains for BTC in near future based on increasing institutional demand from investors seeking alternative investments amidst pandemic induced monetary policies by central banks worldwide coupled with rising inflation fears from governments’ stimulus packages printing money out of thin air.


Overall this news about NFP and unemployment data being released is positive for Bitcoin and digital assets in general as investors favor them over traditional markets due to their potential to offer returns even during such trying times when global economy is suffering from recessionary pressures due to COVID-19 pandemic effects still lingering around us worldwide.


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