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As US jobless rockets, Bitcoin’s outlook is gloomy

Written by  Jun 26, 2020

The ongoing Covid-19 pandemic has ravaged the global economy.

This stability may not last for too much longer, as fears are growing that the economy will not be able to post a “V-shaped” recovery due to a slow decline in jobless claims.

If this trend doesn’t shift soon, it could spook investors and lead to a market-wide selloff, likely having grave implications for Bitcoin as well.

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Jobless Claims Drops to 1.48 Million, But Still Remain Elevated

According to recent data, jobless claims this week dipped to 1.48 million, down from the previous week’s number of 1.54 million.

There has been a decline in the number of new claims over the past few months, with the shockwaves from the initial shutdowns in March causing this number to peak – as seen in the below chart.

Bitcoin

Image Courtesy of MarketWatch

The total unemployment figures still remain incredibly high as well. Until jobless claims decline to their pre-pandemic level in the low-hundred thousands and unemployment rates begin declining as well, an economic rebound seems unlikely.

Because the financial markets – which Bitcoin has become closely tied to – are partially holding steady due to widespread anticipations of the economy seeing a “V-shaped” recovery, it is possible that turbulence will ensue once fears of a lethargic economic rebound start spreading.

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

Do you find this article useful? Comment below or follow us on Facebook or Twitter.

Peter Flynn

Senior Editor and self confessed Crypto addict, bringing a variety of Crypto tech news, help and advice in the UK. I have worked in various fields throughout my career such as a Systems Administrator, Cyber Security Consultant and other technical related roles, these days I concentrate on Cryptocurrency journalism and technical writing.

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