Another day, another weak jobs report, creating extreme volatility for crypto prices
August’s Nonfarm Payrolls came out at 22,000, significantly below the 75k forecast. Meanwhile, the US unemployment rate increased from 4.2% to 4.3%, the highest reading since October 2021
After lacklustre jobless claims and ADP data earlier this week, the August NFP jobs report has all but guaranteed a September rate cut. In fact, the CME FedWatch reveals that three rate cuts this year is now the odds-on scenario
Bitcoin initially rallied on the back of the NFP jobs data, climbing to $113,400. However, renewed recession fears triggered a sell-off in U.S. equities, resulting in a sharp correction in BTC to $110,280.
Altcoins are faring much worse, with Ethereum ecosystem coins and Solana meme tokens among the biggest losers
However, experts remain confident that Bitcoin will form a local bottom in September, followed by an explosive bull run in Q4. Smart money investors are using the crypto market crash to accumulate high upside altcoins at cheap prices.
Experts believe that assets showing resilience during the broader market downturn are among the best cryptos to buy now. MemeCore, Aerodrome Finance and Pump.fun are in high demand, as are meme coins like Bonk, Dogwifhat and Dogecoin
Low-caps like Bitcoin Hyper are also being tipped by analysts as the next 100x crypto
Continues Weakness In The Labour Market Sparks Recession Concerns – Bullish or Bearish?
Fed Chair Jerome Powell’s concerns from his recent Jackson Hole symposium are panning out. The downside risk in the labour market far outweighs the risk of elevated inflation in the US economy
In fact, there is now a growing concern among experts that the Federal Reserve might have been too late to cut interest rates
The latest Nonfarm Payrolls data shows that the US added just 22,000 jobs in August, considerably below the expected 75,000
The details are even worse. For instance, the US lost 357,000 full-time jobs in August, while gaining nearly 600,000 part-time jobs, suggesting economic pain among the masses
Furthermore, the June jobs report was further revised down by 160,000, revealing that the country lost 13,000 jobs, instead of gaining 147,000 as was previously reported
This week’s NFP and jobless claims data further confirm the weakness in the labour market, indicating that the US economic growth could be slowing down
Despite the recession concerns, the jobs data has all but guaranteed aggressive rate cutting by the US Federal Reserve. The CME FedWatch is now showing over 70% odds of three rate cuts this year, which is a decidedly bullish development for Bitcoin and the crypto market
Bitcoin Price Shows Volatility, But Experts Believe The Bottom Is Near
Bitcoin showed extreme price fluctuation following the August jobs report, caught between the bullish development of aggressive rate cuts and the bearishness of the stock market
There remains a considerable possibility that the BTC price tests the $100,000 psychological support level in the coming weeks
However, experts remain confident that Bitcoin will form a bottom in September and resume its uptrend in Q4
BTC is already showing a bullish divergence in the weekly timeframe, which would be a massively bullish signal
However, sidelined investors should buy Bitcoin only after a weekly close above $112,500
Best Cryptos To Buy Now
Crypto assets that tend to show resilience during market crashes tend to outperform when the broader market outlook improves
Unsurprisingly, Aerodrome Finance, MemeCore and Pump.fun are among the best cryptos to buy now. Prominent analyst Nebraskangooner indicates that the PUMP coin has flipped a key resistance level as well
Notably, meme coins like Dogecoin, Dogwifhat and Bonk are also showing noticeable bullish strength
Among the low caps, Bitcoin Hyper (HYPER) is in high demand, having already raised $14 million in its viral presale
Being a new BTC layer-2 coin, HYPER is being viewed by experts as a beta bet on BTC. Whales continue to invest six figures into the new crypto, knowing full well that layer-2 coins often end up reaching multibillion-dollar valuations
Notably, utility coins are making a comeback in the later stages of the bull cycle. With Bitcoin expected to hit $150,000 this year and Ethereum $6,000, there is a high likelihood that coins like HYPER deliver outsized returns
Prominent analysts are bullish on Bitcoin Hyper’s upside potential, with many calling it the best crypto to buy now. Others are viewing it as the next 100x crypto
Visit Bitcoin Hyper Presale
This article has been provided by one of our commercial partners and does not reflect Cryptonomist’s opinion. Please be aware our commercial partners may use affiliate programs to generate revenues through the links on this article.
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Bitcoin Price Shows Extreme Volatility On NFP Jobs Data: Which Is The Best Crypto To Buy Now?
Another day, another weak jobs report, creating extreme volatility for crypto prices
August’s Nonfarm Payrolls came out at 22,000, significantly below the 75k forecast. Meanwhile, the US unemployment rate increased from 4.2% to 4.3%, the highest reading since October 2021
After lacklustre jobless claims and ADP data earlier this week, the August NFP jobs report has all but guaranteed a September rate cut. In fact, the CME FedWatch reveals that three rate cuts this year is now the odds-on scenario
Bitcoin initially rallied on the back of the NFP jobs data, climbing to $113,400. However, renewed recession fears triggered a sell-off in U.S. equities, resulting in a sharp correction in BTC to $110,280.
Altcoins are faring much worse, with Ethereum ecosystem coins and Solana meme tokens among the biggest losers
However, experts remain confident that Bitcoin will form a local bottom in September, followed by an explosive bull run in Q4. Smart money investors are using the crypto market crash to accumulate high upside altcoins at cheap prices.
Experts believe that assets showing resilience during the broader market downturn are among the best cryptos to buy now. MemeCore, Aerodrome Finance and Pump.fun are in high demand, as are meme coins like Bonk, Dogwifhat and Dogecoin
Low-caps like Bitcoin Hyper are also being tipped by analysts as the next 100x crypto
Continues Weakness In The Labour Market Sparks Recession Concerns – Bullish or Bearish?
Fed Chair Jerome Powell’s concerns from his recent Jackson Hole symposium are panning out. The downside risk in the labour market far outweighs the risk of elevated inflation in the US economy
In fact, there is now a growing concern among experts that the Federal Reserve might have been too late to cut interest rates
The latest Nonfarm Payrolls data shows that the US added just 22,000 jobs in August, considerably below the expected 75,000
The details are even worse. For instance, the US lost 357,000 full-time jobs in August, while gaining nearly 600,000 part-time jobs, suggesting economic pain among the masses
Furthermore, the June jobs report was further revised down by 160,000, revealing that the country lost 13,000 jobs, instead of gaining 147,000 as was previously reported
This week’s NFP and jobless claims data further confirm the weakness in the labour market, indicating that the US economic growth could be slowing down
Despite the recession concerns, the jobs data has all but guaranteed aggressive rate cutting by the US Federal Reserve. The CME FedWatch is now showing over 70% odds of three rate cuts this year, which is a decidedly bullish development for Bitcoin and the crypto market
Bitcoin Price Shows Volatility, But Experts Believe The Bottom Is Near
Bitcoin showed extreme price fluctuation following the August jobs report, caught between the bullish development of aggressive rate cuts and the bearishness of the stock market
There remains a considerable possibility that the BTC price tests the $100,000 psychological support level in the coming weeks
However, experts remain confident that Bitcoin will form a bottom in September and resume its uptrend in Q4
BTC is already showing a bullish divergence in the weekly timeframe, which would be a massively bullish signal
However, sidelined investors should buy Bitcoin only after a weekly close above $112,500
Best Cryptos To Buy Now
Crypto assets that tend to show resilience during market crashes tend to outperform when the broader market outlook improves
Unsurprisingly, Aerodrome Finance, MemeCore and Pump.fun are among the best cryptos to buy now. Prominent analyst Nebraskangooner indicates that the PUMP coin has flipped a key resistance level as well
Notably, meme coins like Dogecoin, Dogwifhat and Bonk are also showing noticeable bullish strength
Among the low caps, Bitcoin Hyper (HYPER) is in high demand, having already raised $14 million in its viral presale
Being a new BTC layer-2 coin, HYPER is being viewed by experts as a beta bet on BTC. Whales continue to invest six figures into the new crypto, knowing full well that layer-2 coins often end up reaching multibillion-dollar valuations
Notably, utility coins are making a comeback in the later stages of the bull cycle. With Bitcoin expected to hit $150,000 this year and Ethereum $6,000, there is a high likelihood that coins like HYPER deliver outsized returns
Prominent analysts are bullish on Bitcoin Hyper’s upside potential, with many calling it the best crypto to buy now. Others are viewing it as the next 100x crypto
Visit Bitcoin Hyper Presale
This article has been provided by one of our commercial partners and does not reflect Cryptonomist’s opinion. Please be aware our commercial partners may use affiliate programs to generate revenues through the links on this article.