This number comes after last week’s report showed an increase of 5.2 million Americans filing as unemployed, bringing the current total to 26.5 million claims since March 14 alone.
Despite the seemingly worsening economic landscape, stocks, commodities and cryptocurrencies rallied following the announcement. For a brief period this afternoon, Bitcoin (BTC) managed to trade as high as $7,750 before pulling back to the $7,500 range, where it’s currently trading.
Overall, the crypto market is now up over 5% on the day to $218.9 billion, outpacing the Dow, which only managed to close the day up 40 points.
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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.