Prices of bicoin and most other major cryptos were flat as investors worried that a stubbornly tight labor market would continue to present an obstacle to taming inflation. GWilliamsJr_CMT writes
Crypto markets were trading mostly sideways, with some major tokens up a little but others falling slightly after the latest jobs data showed labor markets remaining stubbornly tight.
Strong jobs data, which is generally an economic boom, has counterintuitively weighed against asset prices because a strong employment environment leads to higher prices as organizations ratchet up wages to recruit and retain scarce talent. Other relevant economic data on Thursday showed that U.S. Gross Domestic Product grew at an estimated 2.7% in the second quarter, versus expectations for 2.9% growth.
The minutes from the Federal Open Market Committee’s latest meeting earlier this month, released on Wednesday, emphasized the same with more than 10 separate references to either inflation or wage growth as “elevated.” Crypto markets will continue to scrutinize the Federal Reserve governors’ evolving inflation prescriptions, particularly if price increases fall outside expectations.
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.
Crypto Markets Analysis: Bitcoin Breaches Rare ‘Golden Cross’ ThresholdBitcoin breached a golden cross level for the seventh time since 2015. The crossing of 50- and 200-day moving averages has historically been a bullish sign. GWilliamsJr_CMT writes
Read more »
Bitcoin, crypto prices sink for second day; Coinbase down as markets look to Fed minutesThe U.S. Federal Reserve will release the minutes from its last meeting tonight, with market participants watching for hints about interest rate plans.
Read more »
Bitcoin, Ethereum Technical Analysis: BTC Falls Below $24,000 Ahead of FOMC Minutes – Market Updates Bitcoin NewsBitcoin extended recent declines on Feb. 22, as markets prepared for the release of the latest Federal Open Market Committee (FOMC) minutes.
Read more »
Crypto Groups on Russian Social Media Hit by Bots Discrediting Bitcoin – Bitcoin NewsSocial media groups devoted to cryptocurrencies in Russia have been attacked by bots in what looks like a campaign against bitcoin.
Read more »
Bitcoin, Ethereum Technical Analysis: ETH, BTC Rebound Following Fed Minutes – Market Updates Bitcoin NewsEthereum rebounded strongly on Feb. 23, as markets reacted to the latest Federal Open Market Committee (FOMC) minutes.
Read more »
Bitcoin can hit $40K before BTC price sees ‘harsh correction’ — AnalystWhat's coming for Bitcoin? According to some optimist analysis, a bull run towards $40K seems feasible.
Read more »