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Bitcoin and Ethereum prices rise after the publication of the unemployment report in the United States of America…Details here

Bitcoin and Ethereum prices rise after the publication of the unemployment report in the United States of America…Details here

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Answer Bitcoin and Ethereum prices rise after the publication of the unemployment report in the United States of America…Details here

The two largest cryptocurrencies, Bitcoin and Ethereum, rose on the back of the weak unemployment report in the United States published on Friday.

At the same time, the total market capitalization of cryptocurrencies has once again reached the trillion dollar mark which is considered very important.

Despite the high unemployment rate, the price of Bitcoin rose by almost 4%, while the price of Ethereum increased by 4.5%.

It seems that as the economy deteriorates, one would expect major assets in the most risky financial markets to decline,

Read:Australian senator calls for urgent regulation of stablecoins and digital yuan

But investors once again witnessed the paradox of bad news.

According to the well-established narrative, the positive trigger was the assumption that for the US Federal Reserve, rising unemployment could be an argument for revising its tight monetary policy and slowing the pace of Fed rate hikes.

But the trend towards a slowdown is present as the Fed’s focus shifts towards the peak of the rate hike, which comes after yesterday’s speech by Federal Reserve Chairman Jerome Powell.

Correlation of the crypto market with other financial markets:

It seems that the links between the traditional market and the cryptocurrency market are still there, with the trend towards institutionalization continuing.

Thus, according to the latest financial results report from the leading US cryptocurrency exchange Coinbase, 83.6% of the total trading volume on the platform was accounted for by institutional investors.

Returning to the topic of Bitcoin and Ethereum, it is important to note that the alternative digital currency, Ethereum, after exactly one year managed to surpass Bitcoin in the market again in terms of trading volume on the Coinbase trading platform.

Read:Instagram will support non-fungible NFT tokens based on Ethereum, Solana, and other blockchains

Read also:

Coinbase reports a net loss of $545 million in the third quarter of 2022

ApeCoin community approves $4.4 million bug bounty program


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