Nearly one-third of the U.S workforce has submitted a jobless claim

Today the Department of Labor released the most recent unemployment numbers revealing another 1.3 million jobless claims. This pushes the number of unemployment claims over 50 million in a timespan of just 16 weeks. A claim request is a determination of basic eligibility for the Unemployment Insurance program and does not mean that each claim will receive unemployment benefits.

Why it matters:

• Events like Covid-19 are a catalyst for change, both positive and negative. To date, the crypto ecosystem has largely relied on speculative efforts for continued growth and adoption. The economic impact of mass unemployment and financial insecurity may damper the speculative fever of the cryptocurrency industry.
• However, there will also be new opportunities and emerging use cases for cryptonetworks that seek to rebuild or improve many of the systemic problems that this pandemic has surfaced such as mass payment delivery, internet infrastructure, and more.