Weekly Market Update & Initial Thesis On The Impact Of Jobs Data On Crypto Markets
The cryptocurrency markets have been very volatile in recent a few weeks, the Bitcoin (BTC) shedding 10% of its value in only one week. The price of other prominent cryptocurrencies including Ethereum (ETH), XRP and Litecoin (LTC) have all plunged by double digit percentages.
However, other experts feel that Bitcoin’s price decrease will be short-lived, since it is in reality an important phase before the next bull rise.
The employment report provided by the Bureau of Statistics for the United States (BLS) on Friday contained no good news for the bitcoin industry. The BLS stated that US employment growth decreased to only 96,000 new posts in March 2019, which is less than half of what analysts had anticipated to see from the monthly data.
This is the first time that employment growth has slipped below 100,000 since 2010 when there were just 68,000 jobs added during that month.
The Wall Street Journal says that this data is not simply bad news for digital currency investors but also for people working in crypto-related areas who depend on these figures as a measure to assess their own performance and financial stability
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