BITCOIN AND CRYPTO CURRENCY FACTORS
AGGRESSIVE RECENTLY
Analysis: Employment data "not what the Fed wants to see"
Data from Cointelegraph Markets Pro and TradingView follows BTC price movements as the largest cryptocurrency lost 2.1% in one candle per hour.
A subsequent rebound saw buyers recover from those losses, with $27,700 – an area of interest before the data release – now back in focus.
This volatility occurred as US non-farm payrolls (NFP) jumped by almost double the expected figure in September – 336,000 versus 170,000 respectively.
Demonstrating the labor market's resilience to the Federal Reserve's counterinflation measures in the form of interest rate hikes, the implications of September's results remain dire for risk assets – including crypto.
“Good news is bad news because the FED wants the labor market to lose steam,” wrote well-known trader CrypNuevo as part of his response to X.
“Given this increase, it surprises me that the unemployment rate remains the same (3.8%). So I believe the data will be revised down and the value will be much lower.”
Like others, CrypNuevo remains closely watching the increasing likelihood of another rate hike from the Fed at the November Federal Open Market Committee (FOMC) meeting.
“The market understands this data as a new threat to the potential for a new 25 bsp increase on November 1 (25% probability given yesterday vs today's 31.3% probability),” he continued, referring to data from the CME Group FedWatch Tool.
“We will announce the CPI on Thursday next week and that will hopefully give us a clearer view.”
$BTC $ETH $BNB
#federalreserve #bitcoin #BTC #cryptocurrency #vickyiskandar
AGGRESSIVE RECENTLY
Analysis: Employment data "not what the Fed wants to see"
Data from Cointelegraph Markets Pro and TradingView follows BTC price movements as the largest cryptocurrency lost 2.1% in one candle per hour.
A subsequent rebound saw buyers recover from those losses, with $27,700 – an area of interest before the data release – now back in focus.
This volatility occurred as US non-farm payrolls (NFP) jumped by almost double the expected figure in September – 336,000 versus 170,000 respectively.
Demonstrating the labor market's resilience to the Federal Reserve's counterinflation measures in the form of interest rate hikes, the implications of September's results remain dire for risk assets – including crypto.
“Good news is bad news because the FED wants the labor market to lose steam,” wrote well-known trader CrypNuevo as part of his response to X.
“Given this increase, it surprises me that the unemployment rate remains the same (3.8%). So I believe the data will be revised down and the value will be much lower.”
Like others, CrypNuevo remains closely watching the increasing likelihood of another rate hike from the Fed at the November Federal Open Market Committee (FOMC) meeting.
“The market understands this data as a new threat to the potential for a new 25 bsp increase on November 1 (25% probability given yesterday vs today's 31.3% probability),” he continued, referring to data from the CME Group FedWatch Tool.
“We will announce the CPI on Thursday next week and that will hopefully give us a clearer view.”
$BTC $ETH $BNB
#federalreserve #bitcoin #BTC #cryptocurrency #vickyiskandar