The number of non-farm payrolls reported in the United States yesterday was lower than expected, and investors were selling risk assets. The Nasdaq index fell 5.77% in a single week, the worst week since June 2022. Bitcoin was under heavy selling pressure, falling to as low as $52,550 last night, and Ethereum performed even worse, falling more than 11% in a week.
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ToggleNonfarm payrolls lower than expected
The U.S. Department of Labor reported on Friday that non-farm payroll employment increased by 142,000 in August, lower than economists' expectations of 161,000, while the unemployment rate fell slightly to 4.2%, in line with expectations and lower than the previous month's 4.3%.
New York Fed President John Williams, who has permanent voting power on monetary decisions, said that given his current expectations for the economy, August's hiring data was not surprising and that cutting interest rates soon would help maintain a balanced job market.
The CPI to be released next week is the last major data before the Federal Reserve's September 18 meeting. According to the CME Group FedWatch Index, 70% of investors expect the Federal Reserve to cut interest rates by one point at the September meeting.
Semiconductor stocks plummeted
AI giant NVDA (NVDA) plunged more than 4% to $102.83 per share on Friday after it was reported that the U.S. Department of Justice had issued a formal subpoena to investigate whether NVDA violated antitrust laws. Although the company came forward to clarify that this was not the case, But Huida has lost $406 billion in market value this week.
ASML (ASML) fell more than 5% due to the Dutch government's export restrictions. The Dutch government has expanded export restrictions on ASML, citing national security risks.
TSMC ADR (TSM) also fell 4.20%.
BTC fell below 53K, ETH fell below 2,200
Bitcoin is under heavy selling pressure, falling to as low as $52,550 last night, a week-long decline of nearly 9%. BitMEX founder Arthur Hayes has been shorting, and he believes that Bitcoin may fall below $50,000 over the weekend.
Web3 accelerator and investment institution Outlier Ventures also stated in the latest report "Bitcoin Halving. The Four Year Cycle Is Dead" that Bitcoin's four-year cycle is dead, BTC is experiencing its worst half-year performance, and investors can already abandon Bitcoin's four-year cycle. Annual halving bull cycle concept.
Ethereum performed even worse, falling to as low as $2,150 yesterday, a weekly loss of more than 11%.
