After weeks of correlation: Bitcoin shows the first signs of decoupling from the S&P 500

Has Bitcoin “discovered” a significant error in an otherwise positive US job report? Obviously, yes.

The benchmark cryptocurrency tumbled a modest 1.61 percent to around $ 9,091 at the end of Thursday’s session. The gloomy end could not be prevented by the willingness to take risks, which triggered the news that the USA could generate 4.8 million jobs in June. For this, the shares rose.

 

US economy: recovery? Uncertain

Part of the reason why the top cryptocurrency didn’t follow the S&P 500 on Wednesday also suggests fundamental issues with US job market data. In fact, the report shows that the unemployment rate fell from 13.3 percent in May to 11.1 percent. However, he did not respond to the increasing number of permanently unemployed workers. The Conference Board, a New York-based nonprofit, takes a closer look at the matter. In a press release released on Thursday, the organization wrote that more than 1.4 million Americans had applied for unemployment benefits last week.

She also accuses the Ministry of Labor of misclassifying jobs and writes that the actual unemployment rate is around 12.3 percent, not 11.1 percent.

“In addition, the government’s extensive support measures – particularly unemployment benefits – will largely expire in the coming month and their future is uncertain,” said the Conference Board.