Bitcoin Sell-Off Worsens as US Jobless Claims Hit Pandemic Low; What’s Next?

Bitcoin edged lower Thursday after the jobless claims in the United States reached their lowest level of the pandemic, confirming that the country’s economy is recovering at a faster rate.

The benchmark cryptocurrency fell to as low as $50,305 ahead of the New York opening bell, continuing its decline from the previous five sessions as traders became uncertain about potential demand against an optimistic economic outlook in the US.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDTBitcoin dips towards $50,000 ahead of the US session Thursday. Source: BTCUSD on TradingView.com

Bitcoin earlier surged by more than 1,500 percent from its mid-March nadir as investors hunted for profitable investment alternatives against a dwindling US dollar and meager US Treasury yields.

Nevertheless, widespread vaccinations, easing business restrictions, and a

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