Cryptocurrencies and U.S. Stocks Fall as U.S. Payroll Data Confirms Continued Inflation
On Tuesday, cryptocurrencies and U.S. equities fell as it became clear that inflation was continuing with the latest payroll data. Bitcoin (BTC) and ethereum (ETH per hour) fell about 3% and 5%, respectively, in 24 hours, erasing the gains experienced this week on Monday. Analysts capped the decline on lower-than-expected trading volumes for the first listing of spot Bitcoin and Ether exchange-traded products in Hong Kong.
Mike Tauckus, head of trading and structuring at BitOoda, said, “Disappointing ETF trading volumes in Hong Kong led to a sharp sell-off [in bitcoin and ethereum], which opened down about 3.5 percent.”
Payroll data from the U.S. Bureau of Labor Statistics showed that wages and salaries rose 4.4 percent year-over-year last month. That growth has led traders to believe the high rise is a problem of the past.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Trump's investment account recorded net purchases exceeding $49 millions in June, with financial and defense stocks becoming major holdings, and over a thousand trades executed!
In June, Trump's investment account completed over 1,000 stock trades, with net purchases exceeding $49 million. There were million-dollar level buys in Berkshire Hathaway, Visa, and Mastercard, with financial stocks surpassing tech stocks to become the largest holding sector for the month. The White House insists that the President himself is completely unaware of the trades; all decisions are executed automatically by an independent manager using computer models.
Wells Fargo: Bullish outlook predicts gold price rising to $4,900
BlackRock lifts Qiagen voting rights to 12.89%, AFM filing shows
Crypto prices
More
