updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Bitcoin has continued its decline today, having begun the year on a high, rising above $94,000 earlier this week. This latest decline comes despite the release of the November JOLTS job openings, which came in below expectations and strengthened the case for more rate cuts. Bitcoin Drops Amid JOLTS Job Openings Release Bitcoin briefly fell
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]]>A crypto market crash looks imminent, with Bitcoin, Ethereum, XRP, and Dogecoin witnessing notable declines. This price crash happened following the release of weak manufacturing PMI and JOLTS data, which provides a bearish outlook for the market.
CoinMarketCap data shows that a crypto market crash could be on the horizon, with the Bitcoin price sharply dropping below $83,000 from a daily high of around $84,400. Altcoins such as Ethereum, XRP, and DOGE also witnessed sharp declines.
This market crash occurred following the release of weak ISM manufacturing PMI and JOLTS data. The March PMI data dropped to 49, below expectations of 49.5 and lower than the 50 recorded in February.
The US JOLTS job openings for February came in at 7.568 million, below the expected 7.690 million and lower than the 7.762 million recorded in January. These data add to several macro fundamentals that paint a bearish outlook for the market.
This crypto market crash could persist, with China, Japan, and South Korea agreeing to respond to Donald Trump’s proposed tariffs. Trump is set to announce a number of reciprocal tariffs tomorrow, which could significantly harm the market as it sets off a trade war between the US and other nations.
Meanwhile, the US Federal Reserve also continues to hold out on cutting interest rates, which is another macro fundamental that continues to spark a bearish sentiment among investors. Although the Fed announced plans to slow balance sheet runoff starting April 1, Trump’s tariffs have overshadowed this move.
Despite the potential crypto market crash and declining prices, crypto analysts like Titan of Crypto have suggested that the bull run is far from over. The analyst noted that the Bitcoin price closed March just above the 38.2% Fibonacci retracement level. He remarked that this keeps the bullish scenario alive for now, while all eyes will be on what April has in store.
Crypto analyst Kevin Capital also mentioned that BTC is simply in a correction phase, which will end soon. He stated that what is important is what the flagship crypto does after, whether it reaches new highs or only creates higher lows.
Despite BTC’s erratic price action, whales such as MicroStrategy continue to actively accumulate more coins. Saylor’s company recently announced the purchase of 22,048 Bitcoins for $1.92 billion.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The jobs market finally shows some signs of cooling down with Fed’s consistent efforts of raising interest rates to tame inflation.
On Tuesday, April 4, the US Bureau of Labor Statistics (BLS) revealed that the number of job openings on the last business day of February 2023 was 9.9 million. This number dropped from the 10.5 million jobs in the previous month of January.
In its press release on Tuesday, BLS noted:
“Over the month, the number of hires and total separations changed little at 6.2 million and 5.8 million, respectively. Within separations, quits (4.0 million) edged up, while layoffs and discharges (1.5 million) decreased.”
This is for the first time in two years since May 2021 that the job opening numbers have tanked under 10 million. It shows that the Fed’s efforts to slow the labor market are showing some impact. In its quest to bring down inflation, the Fed has been targeting the red-hot labor market.
As the US inflation peaked at a four-decade high last October, the Fed has been aggressively hiking interest rates. Since March 2022, the US central bank raised the benchmark interest rates by nearly nine times. However, despite these measures, the jobs market continued to remain strong.
Just before the February data release, the job openings were outnumbering the available workers by 2:1. The data in February has brought it down to 1.7 to 1. Speaking to CNBC, Jeffrey Roach, chief economist at LPL Financial said:
“The labor market is starting to loosen as the number of job openings declined in most sectors. As the economy slows, firms will likely cut openings and workers will be less likely to quit in search of better hours and higher pay. The Fed could consider pausing rate hikes at the next meeting but only if the upcoming employment report shows signs of material weakness and the March [consumer price index] report reveals lower inflation.”
The Fed is watching the JOLTS data for any signs of labor slack. Along with the drop in job openings, there was a simultaneous drop in hires and separation.
Job openings in February for professional and business services saw a drop of 278,000. On the other hand, job openings in transportation and utilities decreased by 210,000. The only category that witnessed a noticeable jump was the construction sector with 129,000 new openings.
After the release of the JOLTS data, the US dollar Index declined toward the 101.70 level. Treasury Yields have started moving lowers as traders bet that the Fed would turn dovish from its previous rate hikes. On the other hand, Gold has rallied to more than $2,000. Lower Treasury Yields have also served as a catalyst pushing Gold above this psychologically important level.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bitcoin and stocks have recovered slightly after trading lower as investors reacted to the latest monetary policy news from the European Central Bank (ECB.)
On Thursday, markets were digesting recent events around US banks and the possible ramifications to the Federal Reserve’s next move on its rate hikes when the ECB announced a surprise 50 basis points interest rate hike. Stocks reacted lower and so did the crypto market, with crypto analyst Michael van de Poppe suggesting the Fed could follow suit at its meeting next week.
Breaking:
ECB raises interest rates by 50bps.
This gives a signal that there’s no pivot on the horizon and that Powell most likely continues his policy by raising 25bps/50bps next week.
Markets are correcting.
— Michaël van de Poppe (@CryptoMichNL) March 16, 2023
The S&P 500 staged a slight recovery, thanks to the resurgence of regional bank shares.
Despite trading down 0.7% at one point, the benchmark index was up 1% at 12:20 pm ET, while the Dow Jones Industrial Average that had initially plunged by more than 300 points, reversed and was hugging gains with just over 100 points, or 0.3% higher. Elsewhere, the Nasdaq Composite was up by 1.5%.
While US stocks have rebounded higher amid reports that banking giants JPMorgan and Morgan Stanley were coming to the aid of embattled lender First Republic Bank, concerns remain and investors continue to be cautious.
Bitcoin toyed with resistance around $25,000 on Thursday as cryptocurrencies continued to track events around the stock market.
The flagship cryptocurrency, which traded lower earlier in the day amid the highlighted broader market downswing, showed it’s still highly correlated to equities despite last week’s spike that had some observers suggesting a rising decorrelation.
Indeed, as CoinJournal analyst Dan Ashmore argues in our deep dive published today, Bitcoin could eventually decouple from other risk assets. However, that’s an outlook that mostly doesn’t apply to the current trading scenario, with the two assets largely in lockstep.
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