Check the answers 1 hour after the Non-Farm Payrolls release.
$BTC: Before the release, it closed at 86,616 and surged to 87,220 within 5 minutes (+0.7%). One hour later, it returned to 86,607, giving back the entire gain.
Based on the closing price, out of this year’s 10 Non-Farm releases, the number of times BTC closed down 1 hour after the release increased to 7. This time it’s only off by 0.01%.
The rate market’s reaction is real: the 10-year U.S. Treasury yield fell by 7 basis points to 5.175%. This week’s high is still above 5.34% (Trading Economics).
The market has shifted the focus of rate-hike expectations from 10/28 to December.
U.S. stocks at the open: S&P +0.9%, Nasdaq +1.35%. WTI crude oil is down 3.75%, to $89.4.
One contrast: stocks, bonds, and oil are all trading as if things are “cooling off,” but BTC has handed its reaction back within the span of one hour.
A possible reason is that it ran ahead of time: it opened today at 84,880, climbed to 86,600 before the data came out, and most of today’s ~2% gains were made before the release.
Next, after 87,220—the recent high—can it retest it again before the U.S. market closes?
$BTC: Before the release, it closed at 86,616 and surged to 87,220 within 5 minutes (+0.7%). One hour later, it returned to 86,607, giving back the entire gain.
Based on the closing price, out of this year’s 10 Non-Farm releases, the number of times BTC closed down 1 hour after the release increased to 7. This time it’s only off by 0.01%.
The rate market’s reaction is real: the 10-year U.S. Treasury yield fell by 7 basis points to 5.175%. This week’s high is still above 5.34% (Trading Economics).
The market has shifted the focus of rate-hike expectations from 10/28 to December.
U.S. stocks at the open: S&P +0.9%, Nasdaq +1.35%. WTI crude oil is down 3.75%, to $89.4.
One contrast: stocks, bonds, and oil are all trading as if things are “cooling off,” but BTC has handed its reaction back within the span of one hour.
A possible reason is that it ran ahead of time: it opened today at 84,880, climbed to 86,600 before the data came out, and most of today’s ~2% gains were made before the release.
Next, after 87,220—the recent high—can it retest it again before the U.S. market closes?