Measured by Clometrix
Polkadot's volatility ratio was 2.02x, against 1.31x for a typical Initial Claims release since 2021. Its volume ratio was 1.60x, against a typical 1.55x. That is a strong reaction by this release's own standard. Both compare the quarter hour of the release with an ordinary quarter hour that same day, where 1.00x is no change: volatility is how far the price ranged, volume how much traded.
How Polkadot moved
Polkadot was at $8.670 when the figure came out. Fifteen minutes later it was 1.27% higher, and an hour later 2.19% higher. Its high-to-low range in the hour after was 2.19% of its price, against 0.92% in the hour before.
The release
Released by the Department of Labor on 29 February 2024 at 8:30 AM EST. Initial Jobless Claims rose to 214K for the week ending 24th Feb, from 203K in the week ending 17th Feb.
It arrived at the same moment as Personal Income and Outlays, Personal Consumption Expenditures, Core Personal Consumption Expenditures and Continued Jobless Claims, so the reaction measured on this page belongs to all of them together.
What made it matter
Since 2021, Initial Claims releases in the two weeks before a Fed decision have moved Polkadot about as much as those at other times: a median volatility ratio of 1.41x across 91, against 1.26x across 203. This one was not within two weeks of a Fed decision. Its own ratio of 2.02x compares with 1.26x for those, so it moved the price more than its circumstances alone would suggest.
Its record
Across 294 Initial Claims releases since 2021, Polkadot's median volatility ratio is 1.31x.
How it compares
Across 294 Initial Claims releases since 2021, Polkadot's usual price swing is 1.31x. This one was 1.54 times the usual.
Thin line: Initial Claims's usual, 1.31x. Thick line: this release, 2.02x.
Minute by minute
Each row is the time after the release, with the same length of time before it for comparison.
| After | High | Low | Close | Change | Range | Range before | Volume |
|---|---|---|---|---|---|---|---|
| 1 minute | 8.71 | 8.67 | 8.71 | 0.46% | 0.46% | 0.46% | 11,512 DOT |
| 5 minutes | 8.77 | 8.67 | 8.75 | 0.91% | 1.14% | 0.57% | 55,866 DOT |
| 10 minutes | 8.79 | 8.67 | 8.78 | 1.25% | 1.37% | 0.80% | 104,877 DOT |
| 15 minutes | 8.81 | 8.67 | 8.78 | 1.25% | 1.59% | 0.92% | 160,160 DOT |
| 30 minutes | 8.81 | 8.67 | 8.75 | 0.91% | 1.59% | 0.92% | 247,806 DOT |
| 1 hour | 8.86 | 8.67 | 8.86 | 2.14% | 2.14% | 0.92% | 558,462 DOT |
| 2 hours | 8.86 | 8.67 | 8.83 | 1.81% | 2.14% | 2.16% | 984,817 DOT |
| 4 hours | 8.88 | 8.52 | 8.59 | -0.93% | 4.05% | 2.16% | 2.468M DOT |
| 6 hours | 8.88 | 8.43 | 8.52 | -1.76% | 5.07% | 3.93% | 3.479M DOT |
| 8 hours | 8.88 | 8.52 | 8.59 | -1.75% | 4.05% | 6.29% | 4.054M DOT |
| 12 hours | 8.88 | 8.03 | 8.38 | -3.46% | 9.57% | 6.29% | 6.076M DOT |
Every coin at this release
| Coin | Price swing | Usual for Initial Claims | Reaction |
|---|---|---|---|
| Bitcoin | 2.16x | 1.52x | Strong |
| Ethereum | 1.68x | 1.47x | Ordinary |
| XRP | 2.07x | 1.18x | Strong |
| BNB | 1.62x | 1.42x | Ordinary |
| Solana | 1.75x | 1.39x | Ordinary |
| Dogecoin | 1.40x | 1.39x | Quiet |
| TRON | 2.29x | 1.33x | Strong |
| Cardano | 1.84x | 1.35x | Strong |
| Chainlink | 2.73x | 1.43x | Strong |
| Sui | 1.50x | 1.24x | Ordinary |
| Bitcoin Cash | 2.47x | 1.34x | Strong |
| Hedera | 1.25x | 1.32x | Quiet |
| Avalanche | 2.21x | 1.42x | Strong |
| Litecoin | 1.19x | 1.38x | Quiet |
| Shiba Inu | 0.98x | 1.34x | Quiet |
| Uniswap | 1.20x | 1.35x | Quiet |
| Polkadot | 2.02x | 1.31x | Strong |
| Aave | 1.85x | 1.38x | Strong |
| NEAR Protocol | 1.98x | 1.24x | Strong |
| Aptos | 0.86x | 1.41x | Quiet |
| Internet Computer | 2.56x | 1.46x | Strong |
| POL (prev. MATIC) | 2.00x | 1.42x | Strong |
| Filecoin | 1.42x | 1.27x | Quiet |
What is Initial Jobless Claims?
The weekly claims report is released Thursdays at 8:30 a.m. ET by the U.S. Department of Labor (DOL). Initial claims are new jobless claims filed by U.S. workers seeking unemployment compensation, included in the unemployment insurance weekly claims report. The report, published since 1967, includes a separate count of workers receiving unemployment insurance benefits, known as continuing claims.Questions about this page
Is 2.02x a lot?
For an Initial Claims release it is strong: the usual is 1.31x. Each report has its own usual size, and its releases show it.
Will the next Initial Claims do the same?
Nobody can say. A forecast shows the range Polkadot moved in after past Initial Claims releases, so you can plan for the likely size of the move.
Do weekly jobless claims move crypto?
Weekly jobless claims have a median Bitcoin price swing of 1.52x since 2021, which places Initial Claims and Continued Claims in Tier 3. They are released at 8:30 a.m. ET. When a claims release falls on the same minute as a bigger report, such as CPI, the reaction belongs to both. Clometrix measures 296 claims releases in the record since 2021.
Disclaimer
The data analysis, forecasted results and projections provided herein are based on historical price action and market trends. While every effort has been made to ensure the accuracy of the information, these predictions are speculative and should not be considered a guarantee of future performance. Market conditions can change rapidly, and past performance is not indicative of future results. Trading and investing involve significant risk, and you should conduct your own research and consult with a licensed financial advisor before making any investment decisions. We do not assume any liability for any losses that may result from reliance on this information.