UK Unemployment figures improve ahead of BoE decision
Today's positive unemployment figures continue the recent trend which has seen unemployment fall for several months in a row and reach the lowest level in 2021. This paints a slightly brighter picture for the economy as many businesses contend with rising prices, labour shortages and supply chain issues and could be used by the Bank of England to justify adjusting monetary policy after unexpectedly leaving it unchanged in its most recent meeting.
Crypto market in the red after US infrastructure bill passes
After several days of gains, which saw Bitcoin hover near it's all time high as many other altcoins managed to reach new highs, we are seeing a significant pullback in the crypto market today with most tokens down over 10% and BTC trading around $60,000. This comes after news that China will be intensifying the repression of crypto currency mining by imposing punitive electricity prices on households that mine crypto. Furthermore, US president Biden signed the $550 Billion infrastructure deal which includes some major tax implications for most retail crypto investors as it would require them to report their holdings. While these factors may frighten some investors and newcomers to the market, some experienced traders will have seen similar sized corrections in the past and could potentially be eyeing opportunities as mainstream adoption of cryptocurrencies and NFT's continues to move further. On the other hand, the extreme volatility that the market is prone to could lead to a potential domino effect if more negative news were to emerge and take prices to new lows.
