🚨 How Will US Employment Trends Impact Bitcoin and Altcoins?

Author

CoinGape Media
November 01, 2024

News

The US Court of Appeals for the Second Circuit issues the first order in the XRP lawsuit. The order came in response to the US Securities and Exchange Commission’s requests to the court to set January 15 next year as the deadline for its principal brief. This means the XRP community will not see any major developments in the lawsuit until the set date.

Sunny Lu is the co-founder and CEO of VeChain, focusing on blockchain solutions for supply chain management. He previously served as CIO at Louis Vuitton China, where he developed an interest in blockchain technology.

The latest US Job data showed that the non-farm payroll climbed by 12,000 in October, as compared to the market forecast of 110,000. On the other hand, the unemployment rate remained unchanged last month, sparking discussions in the market. Notably, this US non-farm payroll data is a crucial metric considered by the Federal Reserve to decide their monetary stimulus plans.

Markets

The crypto prices today have again sparked mixed investor sentiments, illustrating fluctuating trajectories. Bitcoin (BTC) price waned back below $70K level today, whereas Ethereum (ETH), Solana (SOL), and XRP prices traded dominantly in the red zone. Simultaneously, the global crypto market cap dipped by 3% and is resting at $2.35 trillion at the time of writing. However, the total market volume rose by 17% to $95 billion.

The world’s largest altcoin Ethereum (ETH) continues to remain in the bear grip while failing to sustain above $2,600 for a long time. Amid the broader crypto market correction, the Ethereum price has slipped another 5.5% and is currently trading at $2,509 levels with a market cap of $302 billion. Veteran trader Peter Brandt predicts an ETH crash all the way to $1,550 amid low buying interest for the altcoin.

Bitcoin’s price momentum in October, affectionately dubbed “Uptober,” saw an approximately 12% gain, sparking speculation about a potentially “nuclear” rally. At the center of the buzz are rumors that over-the-counter (OTC) desks, commonly used by institutional buyers to acquire large amounts of Bitcoin without moving markets, are starting to run dry. This supply crunch, driven by growing institutional demand, is leading traders to predict that a Bitcoin squeeze may soon drive prices to new all-time highs.