After the highly anticipated jobs report showed the labor market is still tight, the stock market fell with it.
The price of the digital currency fell. The price of ether fell to a new low.
The unemployment rate fell to 3.5% in September from 3.7% in the previous month as the economy added 263,000 jobs.
"The jobs report points to no change of tune on the horizon for the Fed, so we continue to expect firm interest rates which also adds pressure tocryptocurrencies," said Ma.
The correlation with stocks is still high despite the fact that it has weakened recently.
He said that it looked like it was trying to carve out a bottom but felt heavy. I think it will break to the downside given rising interest rates and risk-off sentiment, but so far it is a surprising effort to hold the line.
The Federal Reserve laser focused on bring down inflation has held the market back. The new data shows strength in the U.S. economy, which could make the Fed more likely to continue with its aggressive rate hiking plan.
Callie Cox is an investment analyst at eToro. It makes sense that people invest in a project for what it can be, not what it isn't. The future value of a dollar is affected by rate increases.
In the second half of the year, Cox noted that despite the spike in bond yields,cryptocurrencies haven't done the same as stocks have. Since it fell to its lowest point of the year in June, it has been trading in a tight range.
That is progress in the bear market. The rate anxiety could be telling us that it's time to change. It is a good indicator of frothiness. All the weak hands seem to have been washed out by the brutal growth sell off.
She said thatBitcoin is below its highs. It's a step in the right direction.
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