Bitcoin (BTC) reached new record highs on March 8 as the latest U.S. unemployment data increased the likelihood of interest rate cuts. The cryptocurrency surged to $70,184 on Bitstamp as bulls drove the market into price discovery. The strong jobless data suggested that inflationary pressures were decreasing due to restrictive economic policies. The unemployment rate came in at 3.9%, higher than expected, while the number of jobs added in January was revised downward. This news led to a rise in stock prices. Bitcoin and other cryptocurrencies followed suit, with BTC/USD hitting $70,000 for the first time ever. Market participants noted the significance of these new highs occurring before a block subsidy halving, suggesting that BTC/USD could reach a macro cycle top sooner than expected. The U.S. dollar weakened following the release of the job data, with the U.S. dollar index falling to its lowest level in two months, down almost 5% from its year-to-date highs. The Federal Reserve’s decision on whether to lower interest rates is expected on March 20, with market expectations leaning towards no rate cut.
US Dollar Crushed as Bitcoin Surges to Record-Breaking $70K