US initial jobless claims just came in at 199K, beating both the market's expectation of 219K and the prior week's reading of 215K. The stronger-than-expected labor data signals resilience in the employment market, which typically puts downward pressure on Fed rate-cut expectations and strengthens the US dollar. For crypto investors, such macroeconomic shifts matter—a tighter labor market often correlates with longer periods of elevated rates, influencing risk appetite and cross-asset flows into digital assets.