"When do you think the price of BTC will show a little interesting movement."
The price of the mother of all cryptocurrencies Bitcoin (BTC) remained unchanged from its current level as the United States(US) jobless claims and increased Treasury yields were reported to be higher.
It's true that several major altcoins have shed more than 5% in the past 24 hours following soaring yield increases but Bitcoin (BTC) still seems to be hovering in the $29,000-$29,500 range.
This is because there is no more positive sentiment that can push the price of BTC to rise while the spot BTC ETF has not yet been approved and the digital asset may currently be waiting for the halving event in April 2024,
For the record, the number of US citizens who filed for unemployment rose to 227,000 last week, which was 6,000 higher than the previous week and exceeded expectations of 225,000.
A weaker labor market could be a sign for the Federal Reserve (Fed) to reduce interest rate hikes, but jobless claims are still near their 2023 lows and 40,000 lower than in June 2023.
Despite this, the overall sentiment will improve and the US economy is likely to be more interested in risk assets such as equities, commodities including digital assets.
However it should be noted that investors may expect inflationary metrics to continue and push yields higher for all bond maturities including a surge in crypto prices.
As of this writing, the price of BTC has plunged by 0.16% to $29,185 in the last 24 hours with a market cap of $567 billion further recording a 0.28% decline over the past week.
While Ethereum (ETH) is down around 0.47% at $1,835 in the last 24 hours with a market capital of $220 million and Ripple (XRP) has slipped 2.73% and 71.4% in the last seven days.
