![]() Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. For example, it cannot push for more oil production in the US or force OPEC+ to do more. The challenge for the Fed is that it has no control over the key inflation driver. And with the price of crude oil rising, there are hopes that inflation will continued rising. The most recent data showed that the headline consumer price index (CPI) figure rose to 3.7% in August. ![]() The Fed has been quite aggressive in the past few months as inflation has held steady. Bond yields will also rise as investors anticipate more Federal Reserve tightening. On the other hand, higher wages, lower unemployment rate, and a strong non-farm payrolls report will push altcoins like Quant, Stacks, and Toncoin much lower. In the past, however, the jobs report by ADP tends to be highly different from the official one. According to the company, the economy added just 89k jobs in September, down from 160k in the previous month.īond yields and the US dollar index (DXY) retreated while American stocks and cryptocurrencies rose. We saw this happen this week when ADP published weak private payrolls data. Strong jobs numbers will push US government bonds higher since they will give the Federal Reserve more cover to maintain a hawkish tone. Wage growth is expected to come in at 4.3% while the unemployment rate will be 3.7%. Most economists expect the data to show that the American economy added over 160k jobs in September after it added 189k in the previous month. The next important news that will move these bonds and cryptocurrencies will be the latest US non-farm payrolls (NFP) data. As a result, the iShares 20+ Year Treasury ETF (TLT) and Vanguard Long-Term Bonds ETF (VGLT) plunged to the lowest point since 2014. Similarly, the 10-year yield rose to 4.8%. The 30-year government bond yield soared to 5% for the first time since 2007. Other top performers were cryptocurrencies like Trust Wallet Token (TWT), Avalanche, and THORChain.Īll these crypto tokens have held steady in a difficult week where America’s bond yields surged. ![]() Quant’s QNT coin rose by 2% while Toncoin, Stacks, and Uniswap jumped by between 1% and 5% on Friday morning. Bitcoin was trading at $27,500, higher than last month’s low of $24,800 while the total market cap of all coins remained above $1.08 trillion. CSA took action after a number of crypto trading platforms went insolvent, including Voyager Digital, FTX and BlockFi.Cryptocurrency prices held quite well as investors waited for the upcoming US non-farm payrolls (NFP) data. In late February, the Canadian Securities Administrators (CSA) started requiring crypto exchanges to sign new, legally binding undertakings if they were pending registration with the agency. Currently, about 13% of Canadians own or use crypto, down slightly from the year prior and up 116% from 2021, also per Statista. Crypto revenue in the country is expected to reach $1.42 billion in 2023, per Statista. Overall, the Canadian market for crypto is large, but it’s far from the largest. “We’ve always focused on playing the long game.” 2 crypto exchange, is “open for business,” Nana Murugesan, VP international and business development at the exchange, told TechCrunch+. The world’s largest crypto exchange, Binance, said last week that it would stop servicing Canadian customers due to “new guidance related to stablecoins and investor limits provided to crypto exchanges.” But while the exchange said it will return to the country “someday,” its exit leaves behind a huge gap that its competitors are aiming to fill.Ĭoinbase is one of the big players in the space planning to do just that.Ĭoinbase, close behind Binance as the world’s No.
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