Cryptos Rally as US Jobless Claims Top 26 Million
by Marvin Dumont
Total market cap for cryptocurrencies increased 50% over the past month to $262 billion before slightly contracting in heavy trading early Thursday. Trading volume stood at $251 billion with Bitcoin rising as high as $8,900.
Investors are seeking refuge in digital assets in light of $6 trillion in U.S. monetary expansion from the Federal Reserve. (The federal government has injected nearly $3 trillion in pandemic-related stimulus.) Cryptos’ limited supply looks favorable to observers who are weary of record-setting quantitative easing (QE).
According to CoinDesk:
Bitcoin’s price has been on a tear since it crashed to $4,800 in early March. It’s in the middle of its seventh straight weekly gain off of the March lows.
The cryptocurrency’s price jumped as high as 15% Wednesday, rising from $7,700 to over $8,900 in 17 hours.
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The crypto rally takes place amid historic unemployment in the U.S.: another 3.5 million workers are expected to file jobless claims this week, bringing the total to 26 million newly-unemployed Americans just in the past five weeks. Bank of America estimates 4.1 million will file for unemployment insurance.
According to Nomura economist Lewis Alexander:
We expect initial jobless claims to continue to decline on a weekly basis. Many workers affected by closures of nonessential businesses have likely already filed for benefits at this point. In addition, the strong demand for Paycheck Protection Program (PPP) loans, part of the CARES Act passed on 27 March, suggests some room for labor market stabilization.
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