An increase in interest rates means it’s more worthwhile to save money, causing a bearish correction in the stock market.
May is usually a great month for Bitcoin and cryptocurrencies overall, where the markets show bullish momentum most years.
According to the Bureau of Labor Statistics, employers added over 428,000 jobs in April, with the unemployment rate remaining relatively unchanged at 3.6%.
The best thing that could happen to Bitcoin and other cryptocurrencies is to decouple from the stock market and return to its inverse relationship with the traditional markets.
However, what’s holding many users back is the volatility in Bitcoin and the overall uncertainty when it comes to crypto markets.
If Bitcoin’s price can hold above the $30,000 level, the chances are that crypto markets will see a rebound in the next few weeks.