A surprisingly strong surge in US jobs data put pressure on US Treasury bonds, prompting traders to reduce their bets on a Federal Reserve rate cut this year, resulting in a slight decline in US stocks at the close. The crypto market continued its sideways-to-downward trend, with the overall market capitalization falling 2.08% to $2.3 trillion. The Fear & Greed Index remains in the extreme fear zone of 9. Bitcoin (BTC) briefly fell to 65,000 yesterday but has since recovered to above 67,000. Ethereum (ETH) broke below the $2,000 mark. Overall, confidence in the crypto market remains weak.
Strong non-farm payrolls data led traders to reduce their bets on interest rate cuts.
The latest monthly U.S. jobs report showed that 130,000 jobs were added in January, double the median forecast and the largest increase in over a year. The unemployment rate unexpectedly fell, indicating a continued stabilization in the labor market. This report highlights strong economic momentum and suggests that immediate monetary easing may not be necessary.
The current strong performance of the US economy has offset the need for lower borrowing costs, supporting risk sentiment that has recently been battered by concerns about artificial intelligence. The next key hurdle for the market is Friday's US inflation report, which could further reinforce the case for maintaining high interest rates if price pressures fail to ease.
The crypto market continues its sideways-to-downward trend, with weak market confidence.
The crypto market continued its sideways downward trend, with the overall market capitalization falling 2.08% to $2.3 trillion. The Fear & Greed Index remained in the extreme fear zone at 9. According to Coinglass data, $467 million in positions were liquidated across the network in the past 24 hours, with a long-to-short liquidation ratio of approximately 2:1.
Bitcoin briefly fell to $65,000 yesterday before recovering to above $67,000 at the time of writing. Ethereum fell below the $2,000 mark. Overall, confidence in the crypto market remains weak.
This article, titled "US Jobs Data Unexpectedly Strong, Bitcoin Still Falls to 67K," originally appeared on ABMedia, a ABMedia .
