Cryptocurrency moved higher than today this morning after a somewhat bewildered employment report ultimately led to a slight increase in Treasury yields. Bitcoin, the world’s largest cryptocurrency, has hovered around $98,400.
As of 11am, Ethereum (Encryption: ETH)the world’s second largest cryptocurrency traded about 3.5% higher since late yesterday afternoon. XRP (Cryptography: XRP) Meme Token Dog Coin traded 8.6% higher (Cryptography: Doge) It rose almost 5%.
Monthly employment reports provide investors with important data on economic health and provide clues on how the Federal Reserve moves interest rates, allowing them to cover the market as a whole, including stocks and cryptocurrencies. It often has an impact.
In January, the US economy added 143,000 jobs on a seasonally adjusted basis, down below the Dow Jones’ estimated 169,000. However, the unemployment rate has been lowered to 4%, with average hourly profit margins rising 0.5% from the previous month, while economists expect it to be 0.3%. The U.S. Bureau of Labor Statistics also revised the number of jobs added to the economy at 589,000 in the 12 months ended March 2024. Report.
At first glance, the 143,000 jobs added to the economy suggested some softening in the labour market. However, lower unemployment and strong hourly return growth have been the opposite.
“The labor market foundation remains very robust. Data revisions over the past year may have relocated several rooms in the home, but they have not fundamentally changed the structure.” Report Blog post after. “The data continues to give the Federal Reserve sufficient flexibility to take a measured approach to measured rates when designing economic soft landings.”
The report did not appear to change investors’ minds about the trajectory of interest rate reductions. Most traders using 30-day futures to bet on the Federal Reserve Benchmark federal fund rates still have the earliest chance of a rate cut in June, with a small majority hoping for one more rate cut in 2025. I hope that it will be. Changes every day.
In token-specific news, Chicago’s CBOE Exchange filed four applications with the Securities and Exchange Commission yesterday, asking for permission to trade funds (ETFs) traded on XRP and Spot Cryptocurrency Exchange. The four ETFs come from WisdomTree, Bitise, 21shares and Canary.
The story continues