Bitcoin price hits $70K all-time high as US jobs data squashes US dollar

BTC price sets new record

Data from Cointelegraph Markets Pro and TradingView followed buoyant BTC price action as bulls sent the market into price discovery, reaching $70,184 on Bitstamp.

The largest cryptocurrency gained as the latest U.S. jobless data showed unemployment beating forecasts in February, indicating that inflationary pressures were waning at the hands of restrictive economic policy.

The unemployment rate nationwide came in at 3.9% — 0.2% higher than expected, while January figures for jobs added were revised lower.

“The market's reaction to this so far has been sending stocks higher,” trading resource The Kobeissi Letter wrote in part of a reaction on X (formerly Twitter).