Author: Ciaran Lyons, CoinTelegraph; Compiler: Deng Tong, Golden Finance
Bitcoin could hit a new all-time high as early as next week after the number of U.S. job openings hit a three-year low, a sign of an economic slowdown, but two indicators are needed to confirm, a cryptocurrency researcher said.
"Last night, another key and forward-looking employment indicator, job openings, slowed sharply," Markus Thielen, head of research at 10x Research, wrote in a report on June 4.
The U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover (JOLT) report released on June 4 showed that in April, the country had 8.1 million job openings, with about 0.8 unemployed people per job opening, the highest ratio since February 2021.
According to Thielen, this could be the first economic indicator to point to a slowdown, which will “lead to lower inflation” — a key bullish indicator for Bitcoin.
When the U.S. Consumer Price Index (CPI), a measure of inflation, fell 0.1% on May 15, Bitcoin surged 7% to $71,432 over the next five days, according to CoinMarketCap.
Thielen believes that another 0.1% drop in the CPI to 3.3% would have a similar effect.
“A weaker surprise could bring a rate cut, and we’ll get the CPI inflation report next week. If the CPI [year-over-year] is 3.3% or lower, it could drive Bitcoin to new all-time highs.”
As of the time of publication, Bitcoin is trading at $71,199.
Bitcoin has risen 12.05% in the past 30 days. Source: CoinMarketCap
Thielen noted that given that Bitcoin has broken out of a key consolidation triangle, a close above that level, coupled with lower U.S. inflation or employment data, could see Bitcoin break out of its current all-time high of $73,679 between June 7 and June 12.
The Bureau of Labor Statistics will release its Employment Situation Summary on June 7, followed by CPI data on June 11.
Retik Finance (RETIK) captures the crypto spotlight, securing over $6 million in a presale that sold out ahead of schedule. The project's revolutionary features, including Retik Pay and the DeFi Debit Card, signify its potential to reshape the DeFi landscape and redefine user interactions with digital assets.
JoyScammers posing as crypto journalists on X use fake Calendly links to hijack accounts, spreading phishing links. Security experts warn of this trend targeting Chinese-speaking users, urging caution and prompt removal of suspicious access.
JoyMAS in Singapore has added imToken and BKEX to its Investor Alert List, intensifying its regulatory oversight on cryptocurrencies after actions against Binance in 2021. This move underscores MAS's commitment to investor protection and signals ongoing strict scrutiny of the crypto landscape in Singapore.
JoyPancakeSwap executes a significant token burn, eliminating 8.7 million CAKE tokens worth $25 million, aligning with its long-term DeFi stability vision. This strategic move involves community participation, reducing the token supply and potentially driving up CAKE's value beyond $100 million.
JoyXRP crosses five million active accounts, indicating increased trust and market growth.
KikyoCleanSpark plans to acquire 160,000 Bitcoin miners by 2024, aiming to increase its hash rate by 400% and prepare for future market fluctuations.
BrianProBit Global lists LIMO, enhancing Limoverse's health-focused blockchain ecosystem's reach and potential.
AlexRipple sponsors DEC24, joining forces with leading financial experts, signifying its influential role in digital currency's future.
KikyoThe proposed XRP ETF, potentially launching this year with BlackRock at the helm, reflects the growing integration of cryptocurrencies into mainstream finance, awaiting crucial legal verdicts.
BrianImToken is the entity behind the software cryptocurrency wallet and the hardware crypto wallet imKey.
Alex