Crypto Markets Analysis: The two largest cryptocurrencies by market capitalization reacted positively to a reduction in job openings. GWilliamsJr_CMT reports
Bitcoin and ether responded positively following Tuesday’s Job Openings and Labor Turnover Survey data, each increasing close to 2% during the hour of release.The report showed that job openings in the United States declined to 9.6 million in March, below expectations of 9.775 million, and their lowest level since April 2021.
The Federal Reserve will continue to raise interest rates until it feels comfortable inflation has calmed.Labor markets must cool for inflation to decline.In general, pinning price increases and decreases to macroeconomic reports with 100% certainty is difficult. But the timing of Tuesday’s spikes in bitcoin’s price and volume suggests strongly that BTC responded to the jobs report. Prices moderated throughout the remainder of the day following the initial move higher.
One curious development is that other risk assets, most notably equities, did not react similarly to the jobs data. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average , each declined following the data release.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
First Mover Asia: Bitcoin, Ether Open Asia’s Trading Week FlatGood Morning Asia: $BTC and $ETH are opening the trading week flat as traders await the FOMC decision on interest rates. Consensus2023 wrapped up in Austin Friday. Read what 5 CoinDesk journalists said about it. TheSamReynolds writes
Read more »
Bitcoin, Ethereum Technical Analysis: BTC Moves Below $28,000 Ahead of FOMC Decision – Market Updates Bitcoin NewsBitcoin fell below the $28,000 level on Tuesday, as markets continued to prepare for tomorrow’s Federal Reserve interest rate decision.
Read more »
Ethereum withdrawals flatline as memecoins drive ETH burn rates higherEther withdrawals and deposits are approaching parity as memecoin trading activity drives Ethereum burn rates higher.
Read more »
Gemini says DCG risks default, and CFTC official reiterates ether is a commodity: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Christy Goldsmith Romero of the CFTC discusses the agency's approach to crypto regulation.
Read more »
SEC crackdown 'best thing that ever happened' to crypto, Bloomberg saysWhile 'there’s plenty to dislike' in crypto, U.S. regulators should create spaces for trading in bitcoin and ether, according to Bloomberg's editorial board.
Read more »
Here’s Why Bitcoin Might Surge to $100,000Historical data indicates that four-month winning streaks in Bitcoin's value have often been followed by an average surge of 260% over the next year
Read more »