After the US job reports were made public, the cryptocurrency universe went through
huge losses, resulting in financial harm. The topmost crypto coins such as BTC and
ETH led to a major decline in their rates in the last few weeks, apart from the
other conventional risk tokens.
The widespread inflation in cryptocurrencies has led to the downfall of their values.
Bitcoin (BTC) became bearish all of a sudden, reducing 1.9% on heavy volume.
Although there seems to be a little regain in its value in the following hours, the price
started depicting a negative movement.
Ethereum (ETH), the second major crypto token by the industrial cap, depicted the
exact same format in its price retardation. Although ETH depicted the week’s
greatest recovery on 6th October lately, with the job reports of the United States being
made public, it went through huge retardation of at least 1.7% in its value.
Apart from this, the CoinDesk Market Index (CMI), which calculates the ups and
downs of the collection of these crypto coins went down by -0.80%, showing a huge
downfall in almost every crypto asset.
Also, while referring to the conventional economical industries, the Dow Jones
Industrial Average (DJIA), tech-heavy Nasdaq Composite, and S&P 500, regardless
of having a strong technological system, went down by 2.1%, 3.8%, & 2.8%,
Most importantly, the United States job advancement reduced its speed in the last
month, making traders expect a huge hike from the Fed. The Portfolio Manager at
Quilter Investors, Paul Craig stated that the job records predict that there might be a
second hike from the firm.
Craig gave the following statement by referring to the topic of the release of the US
“With these jobs reports it seems clear we are on course for anothersaid Paul Craig, portfolio manager at Quilter investor
significant hike from the Fed, with the market pricing in a 75 [basis point] rise in
interest rates at its next meeting,”
This is also quite noteworthy that the unemployment rate went down by 3.5%. The
employment rate, without a doubt, shows the retardate increment of the economy.
Gargi Sinha is working as Senior Journalist at Confea. She has completed her Masters in Journalism from Delhi University. She has interest in crypto and blockchain technology.