When the job numbers came out investors ran into the ironic problem of good numbers meaning bad news. This is because the Federal Reserve or Fed has been hiking interest rates to cool off the economy and decrease inflation. This cannot happen if businesses are still hiring at high rates, which is exactly what the numbers showed. In a crazy turn of events that really I do not think a single person saw coming employment fell to a 53 YEAR LOW! While people who drop out of the workforce do not count as unemployed because you have to be searching for a job to qualify for unemployment to hit a 53-year low is still absolutely insane given what the Fed is trying to do. 

These numbers believe it or not do impact crypto in a vital way. If the Fed cannot get the jobs numbers down and increase unemployment then they will not start cutting interest rates resulting in either further increases or maintaining the status quo. Both of these results are far from ideal for the crypto space because it is still in its infancy and is requiring a lot of money to develop. Cheap money really helps develop the space even though it does result in industry or economic bubbles being formed. 

Due to the numbers though the Fed has more or less promised us that they will not lower rates at all this year as most people had expected. Not only that but there is a strong possibility they will increase rates further just at a lower rate like the Fed had only recently just announced. How this will affect the industry is going to be interesting to see. This year alone we have seen a ton of progress and signs that the crypto winter is starting to thaw but if interest rates remain high the growth will be stunted. 

Only time will tell but these numbers were a little discouraging and were reflected in the fall in crypto prices today. Can they shake it off and will something else spur further price increases only time will tell.  

Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to support me further below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_

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