US Jobless Claims Released, A Strong Crypto Rally Expected

The US Department of Labor has released the initial jobless claims for this week. The initial jobless claims rose to 219,000. The economists expected the jobless claims to be at 204,000. The claims went up from the 193,000 last week to 219K this week. The spike in jobless claims can set off a crypto rally. 

The initial jobless claims are the number of people filing for unemployment insurance. The strong labor market is in line with the high inflation levels in the economy. The Fed believes that a tight labor market with low unemployment can increase inflation levels in the country. 

Therefore, an increase in unemployment numbers will certainly help temper the hawkish stance of the market. 

How The Jobless Claims Can Start Crypto Rally

The macroeconomic environment is dictating the outlook for the crypto market. The Fed continues its restrictive monetary policymaking in an