Bitcoin and cryptocurrencies reduce fall after US jobs report

The cryptocurrency market cryptocurrencies turns around. The website bitcoin (BTC) fell more than 0.8% in the past 24 hours and is now below $23,700 after hitting above $24,000. During this time, the ethereum (ETH) also drops, by 0.7%, and attempts to hold the $1,660 level.

The fall of “cryptos” contrasts with the optimism shown after the launch of the operation. Latest Federal Reserve (Fed) rate decision. and the message of its president, Jerome Powellwho recognized that “for the first time” one could begin to speak of a disinflationary process. However, many experts have warned against this movement does not mean a pivotas Powell reiterated that they are not considering lowering interest rates this year.and the divergence between market conviction and Fed stance continues to widen.

Anyway, whether this scenario plays out or not, the fact is that the market was considerably supported before remembering that this Friday is released the ever-important US employment dataone of the Fed’s key benchmarks, which showed hiring hit an all-time high. 517,000 new non-agricultural jobs.. The consensus had expected that figure to fall to 185,000 from 260,000 in January.

“Today we had a stunning number on non-farm payrolls in the United States; the reading was so good that many had to recheck it to make sure there was nothing wrong.. The data confirmed that the US labor market is not just strong, but robust, and worries about recessions are unnecessary,” said Naeem Aslam, chief market analyst at AvaTrade.

“In terms of market reactions, the initial reaction has been negative as traders fear the Fed may adopt a more hawkish monetary policy given the strength in the labor market and its inflation reading target. . However, the reality is that today’s number is good for the US economy, which should encourage traders to bet on riskier assets once the mood settles.The expert adds.

In the rest of the market, general declines. The website ripple (XRP) was down 0.8%, while polygon (MATIC) loses 0.64% and dogecoin (DOGE) loses 0.76%. The website cardano (ADA) decreases by 0.27% and the solana (SUN) reduced by 0.6%.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *