Today, the US Department of Labor published statistics, according to which 228 thousand new applications for unemployment benefits were submitted. It is noteworthy that analysts predicted a value of 246 thousand applications. This information suggests that despite all the macroeconomic difficulties, the American labor market is still demonstrating stability.
The global market reacted to this event with a local drop. The Dow Jones Industrial Index lost about 0.4% in price, while the S&P 500 and Nasdaq declined by 0.5% and, respectively, 0.7%. There was also a local decline in the digital asset segment. The flagship of the crypto market has lost about 0.84% over the past day. As of April 6 at 16 p.m., bitcoin is located at the level of $28.1 thousand. The total capitalization of the coin was just over $544 billion.
A stable labor market gives rise to fears that the Federal Reserve System will again move to tightening monetary policy in the near future.
This will result in a further increase in the key refinancing rate, which, of course, will play against high-risk assets, including cryptocurrencies.
In the past , experts noted that the total capitalization of Tether USD approached the record extreme, which was recorded at the end of spring last year. It was during that period that the resonant collapse of Terraform Labs occurred, which negatively affected the USDT itself. This year, the capitalization of the stablecoin has increased by almost 20%.
It is noteworthy that during the same period, another stable USDC coin lost about 27% in capitalization. This is due to the fact that just over $3.3 billion of stablecoin collateral was located in the bankrupt Silicon Valley Bank. This event had a negative impact on USD Coin.