Bitcoin Unfazed by Jobless Claims Miss

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Bitcoin Unfazed by Jobless Claims Miss

Bitcoin (BTC) displayed surprising resilience in the face of recent economic data. Despite a surge in U.S. jobless claims - the highest in nine months at 231,000 compared to an expected 212,000 - the leading cryptocurrency experienced a short-lived spike to $61,750, according to data from Cointelegraph Markets Pro and TradingView.

This news might have traditionally been seen as positive for Bitcoin, as the Federal Reserve has signaled concerns about a tight labor market as a justification for potential interest rate cuts. Lower interest rates can sometimes be seen as favorable for riskier assets like Bitcoin.

However, Bitcoin prices quickly retreated, falling back below $61,000. Crypto analyst Daan Crypto Trades noted "some big bids appeared between $59-60K" in his latest analysis, suggesting potential support levels for the cryptocurrency.

It remains to be seen whether Bitcoin can maintain its current price point or succumb to broader market forces.

Salvor Joins Avalanche Rush to Boost NFT Liquidity with P2P Lending

Exciting news for NFT enthusiasts and DeFi users! Salvor, a peer-to-peer (P2P) lending protocol for NFTs and meme coins, has secured $1 million in AVAX from the Avalanche Foundation. This collaboration is part of the Avalanche Rush program, which aims to supercharge the growth of Decentralized Finance (DeFi) on the Avalanche blockchain.

Salvor's innovative platform allows users to leverage their NFTs and meme coins as collateral to borrow AVAX. This unique system unlocks additional financial options and boosts liquidity within the Avalanche ecosystem.

"We began as an NFT marketplace to streamline trading for our users," explains Utku, founder of Salvor. "Now, with P2P NFT Lending, users can access funds without sacrificing their prized NFTs. This not only benefits individual users but fosters a healthier DeFi ecosystem overall. Our core mission is to make NFTs more liquid."

The Avalanche Rush program has been a driving force for DeFi on Avalanche since 2021. It aims to create a more inclusive, decentralized, and cost-efficient environment. Salvor's participation adds another layer of excitement. Users can earn points through activities like creating loan offers and trading, with rewards distributed in AVAX or Salvor's native ART token.

Crypto Trading Cools in April Amidst Global Tensions

Cryptocurrency trading took a breather in April, experiencing its first monthly decline in seven months. This slowdown coincides with rising geopolitical tensions and a wait-and-see approach from investors regarding U.S.-listed spot exchange-traded funds (ETFs).

According to a report by London-based CCData, the total trading volume across spot and derivatives markets dropped significantly by 43.8%, settling at $6.58 trillion. This marks a sharp decline from the record high of $9.12 trillion set in March.

The pullback was particularly evident in the derivatives market, where futures and options trading activity dipped by a substantial 47.6%, reaching $4.57 trillion. The spot market, which involves direct buying and selling of cryptocurrencies, saw a more moderate decline of 32.6%, totaling $2.01 trillion.

$1 Crypto Stock Just Disrupted the Industry

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