September nonfarm payrolls added only 29K jobs versus expectations of 90K and the prior 162K; unemployment rate was 4.2% versus 4.1% expected. Overall, this is a major negative for the US dollar and positive for risk assets.
Two key takeaways are very straightforward: employment is far below expectations, and the labor market is clearly weakening; the market will further validate the expectation that rate hikes will be delayed, with US Treasury yields and the US dollar moving lower—this is a strong positive for the crypto market.
On the board, BTC has spot ETF base holdings providing support, so the rebound has a solid foundation; the priority is to open up upside room. ETH has greater upside elasticity, and under a macro environment that’s strongly supportive, its gains may exceed BTC. Previously, there was pressure from fund outflows, which now may be covered over.
The only thing to watch is average hourly earnings: if wages are high, it could partially offset this positive impact. The employment and unemployment figures released so far are undeniably net-positive. #非农 #BTC #ETH $BTC $ETH $ZEC
Two key takeaways are very straightforward: employment is far below expectations, and the labor market is clearly weakening; the market will further validate the expectation that rate hikes will be delayed, with US Treasury yields and the US dollar moving lower—this is a strong positive for the crypto market.
On the board, BTC has spot ETF base holdings providing support, so the rebound has a solid foundation; the priority is to open up upside room. ETH has greater upside elasticity, and under a macro environment that’s strongly supportive, its gains may exceed BTC. Previously, there was pressure from fund outflows, which now may be covered over.
The only thing to watch is average hourly earnings: if wages are high, it could partially offset this positive impact. The employment and unemployment figures released so far are undeniably net-positive. #非农 #BTC #ETH $BTC $ETH $ZEC