The past 24 hours have been particularly turbulent throughout the cryptocurrency market. Bitcoin’s price surged above $41K for the first time since January 21st, and the whole market is in the green. We’re taking a look at four possible reasons for which the positive move was triggered.

The majority of the tech giants and other big names in the legacy markets are done filing their financial reports for the last quarter of 2021. These are important catalysts for considerable fluctuations in the markets. What happens on Wall Street has been impacting the cryptocurrency market for a while, and it’s critical to be aware of macroeconomic factors.

The US added almost half a million new jobs in January alone, despite the spread of the Omicron variant. This was reported by the US Labor Department’s Bureau of Labor Statistics on February 4th. In response, their stock price tumbled over 26% in the after-hours trading session following the filing.

The unemployment rate increased slightly from 3.9% to 4% over the same period. “In January, the number of persons jobless less than 5 weeks increased to 2.4 million and accounted for 37.0 percent of the total unemployed,” reads the report. The report surpassed the expectations of economists who predicted just 150K new jobs.
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