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Home Cryptocurrency news Bitcoin

Jobless Claims Worse Than Expected: Dow Slides Pre-Market, How Will Bitcoin Respond?

Tony Spilotro by Tony Spilotro
7 months ago
in Bitcoin
Reading Time: 2min read
bitcoin dow jobless claims
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Jobless claims in the United States performing worse than initial forecasts expected has caused the Dow and other stock indices to slide pre-market. With Bitcoin‘s uptrend hanging by a thread, how will the first-ever cryptocurrency respond to the negative news and falling equities market?

Jobless Claims Worst Than Forecasted Sends Dow Plunging Pre-Market

When the pandemic first began, there was a record-breaking surge in jobless claims across the United States and much of the globe.

Between financially motivated layoffs, small businesses shutting their doors, and larger companies unable to stay in operation due to lockdown conditions, millions lost their jobs immediately.

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Like the outbreak itself, after an initial peak, jobless claims began to decline across the United States. The positive outlook caused a large rebound across global markets. Even Bitcoin has benefitted from the return of risk appetite and stimulus money injection.

Related Reading | Bitcoin’s Perfect Storm On The Horizon As Analyst Calls For ‘Inevitable’ Dollar Collapse 

But as worldwide cases begin to climb, a second round of the pandemic looks poised to once again wreak havoc on the battered and beaten economy again.

A new report on jobless claims in the US reflects the return to uncertainty, as the number has come in worse than originally forecasted.  Dow Jones Industrial Average futures slide pre-market on the news break, but thus far Bitcoin price continues to trade sideways.

If traditional markets tank harder on the heels of negative news and sentiment, how will Bitcoin respond?

US Jobless Claims worse than forecast: Initial jobless claims dropped to 1.51m, down slightly from upwardly revised 1.57m previous week vs 1.29m expected. Continuing claims, the total number of Americans claiming ongoing unemployment benefits, decreased to 20.5m vs 19.9m expected pic.twitter.com/QIDcszE5Ln

— Holger Zschaepitz (@Schuldensuehner) June 18, 2020

Bitcoin Correlation With Stocks Could Cause Breakout From Stagnant Sideways Trading

Although there may be some normalcy and recurrence to overall market cycles, Bitcoin has always been unpredictable in the way it ebbs and flows.

But lately, the long, drawn-out sideways trading range is rather unusual for the typically volatile cryptocurrency.

Volatility in the asset is currently reaching extreme lows according to Bollinger Band Width, and when compared to the relative volatility of the Nasdaq composite index, the asset’s volatility has never been lower.

Related Reading | This Volatility Measuring Tool Is Signaling One of Bitcoin’s Biggest Moves Yet 

Volatility in Bitcoin doesn’t remain stagnant for very long, however, and when it does eventually break, a major move is expected by nearly every market participant.

In anticipation of this major move, open interest at CME and other platforms are at record highs.

This new report, combined with some unusual and unorthodox factors, may finally be the straw that breaks the camel’s back, so to speak. A breakout is bound to bring fireworks across the cryptocurrency market, and with the correlation Bitcoin has shown with the S&P 500 and other stock indices, perhaps a bigger move across all markets may be near.

Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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