Bitcoin Dips As U.S. Job Data Tops Estimates
By Laxmikant Khanvilkar
The U.S. economy saw stronger-than-expected job growth of 199,000 in November. The unemployment rate also beat expectations, dipping to 3.7%.
Economist forecasts had been for jobs added of 180,000, up from 150,000 in October. The unemployment rate had been forecast to remain flat at 3.9%.
The price of bitcoin fell about 0.5% in the minutes following the release of Jobs data to $43,500. In traditional markets, interest rates are shooting higher, with the 10-year U.S. Treasury yield up 8 basis points to 4.24%. U.S. stock index futures have turned lower, the Nasdaq 100 off 0.7%.
Bitcoin is in the midst of a sharp 60% rally since the beginning of October, at least in part thanks to lower interest rates on investor expectations that the Fed might soon shift to easier monetary policy. To the extent that this jobs report derails the lower rate forecast, the rally could pause or be modestly reversed.
Ether, the second largest cryptocurrency by market cap, was changing hands at $2355, with barely any change in the last twenty four hours.
Meme coins are also having their way, but not the most conventional ones. DOGE and SHIB increased by 18% and 20%, respectively, but it was BONK that stole the show. What’s currently the biggest meme coin on the Solana network, BONK skyrocketed by over 200% in the last week. Other meme coins are also surging on various chains. SNEK, for instance, is one built on Cardano, and it’s also up more than 220% during the same period.
The global crypto market cap is $1.64T, a 2.14% increase over the last day. The total crypto market volume over the last 24 hours is $67.27B, which makes a 6.20% decrease. The total volume in DeFi is currently $8.6B, 12.78% of the total crypto market 24-hour volume. The volume of all stable coins is now $59.53B, which is 88.49% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.57%, a decrease of 0.28% over the day.
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