Bitcoin price rises $70k as US jobs data weakens US dollar.
Bitcoin (BTC) hit a new all-time high on March 8 after the US unemployment number raised the issue about interest rates.
The price of BTC has set a new record.
Data from Cointelegraph Markets Pro and TradingView followed bullish BTC price action at $70,184 on Bitstamp, sending the market into price discovery.
U.S. unemployment data showed that inflation, the largest cryptocurrency in the world, is slowing at the hands of restrictive economic policies, as unemployment forecasts for February show.
The national unemployment rate was 3.9% – 0.2% higher than expected, and the January jobs figures were revised lower.
“The market's response to this so far has been sending stocks up,” trading resource Kobeisi wrote in part in a response to the letter on X.
“This is largely due to a jump in the unemployment rate and large downward revisions.”
Bitcoin and altcoins followed stocks in the meat-asset revival, hitting $70,000 for the first time.
When commenting on the ongoing events, prominent market participants emphasized the importance of the timing of the new high levels, in particular, the subsidy will be halved.
As a result, BTC/USD may enter the macro cycle earlier than previously thought.
“Bitcoin is doing something it hasn't done in history,” reads one such X post from Mikubul Crypto.
“The peak of the cycle is coming faster than people think.”
The US dollar gave up gains.
Meanwhile, the jobs data spelled fresh woes for the US dollar's strength.
RELATED: Bitcoin ‘Deep Price Over' Says Analyst As BTC Price Approaches $70K Line
The U.S. dollar index ( DXY ) fell to a two-month low in the release, falling 5 percent to 102.36 and a year-to-date high.
The Federal Reserve's next decision on whether to cut interest rates is on March 20, which is expected by the market but remains muted.
The latest estimates from CME Group's FedWatch Tool put the likelihood of an upcoming rate cut at just 3 percent.
During scheduled testimony later in the week, including Chairman Jerome Powell, federal officials maintained conservative language for future policy.
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