US Dollar Weakened as Bitcoin Surges to Record-breaking $70K

Bitcoin (BTC) reached new record highs on March 8 following positive United States unemployment data, which increased the likelihood of interest rate cuts. BTC/USD reached $70,184 on Bitstamp, with the cryptocurrency benefiting from the news that unemployment in the US was higher than expected in February, indicating a decrease in inflationary pressures due to restrictive economic policies. The unemployment rate came in at 3.9%, 0.2% higher than anticipated, and the January figures for job additions were revised downward. As a result, stocks and cryptocurrencies, including Bitcoin and altcoins, experienced a surge in prices, with Bitcoin hitting $70,000 for the first time ever. Experts have noted the significance of these new highs occurring before a block subsidy halving, suggesting that BTC/USD may reach a macro cycle top sooner than expected. The release of the jobs data also had a negative impact on the strength of the US dollar, with the US dollar index (DXY) reaching its lowest levels in two months, down almost 5% from its year-to-date highs. The Federal Reserve’s decision on whether to lower interest rates is scheduled for March 20, although market expectations indicate that a rate cut is unlikely.