Crypto market pumps ahead of expected rise in US unemployment

Crypto market pumps ahead of expected rise in US unemployment

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Bitcoin is trading over 1% higher on Friday and certain cryptocurrencies have broken trend before the US unemployment figure is released later today.

Worse jobless figure expected

With Federal Reserve Chairman Jerome Powell intimating that he is ok with the economy going into recession and “things breaking”, as long as inflation can be beaten, it does look as if the US is entering a risk off period for quite some time.

One of the main figures that the Fed looks at before deciding whether the economy needs yet another interest rate hike is the jobless count. The forecast here is for a rise to 3.5% from the previous figure of 3.4%.

However, even amidst this gloomy period Bitcoin is still looking like it has entered its bull market and current times are perhaps good ones for accumulating ahead of a possible descent into recession next year.

Bitcoin wakes up positive

Bitcoin woke up this morning in a positive mood and is moving higher again in its sideways range from around $25,800 to $27,670. Current price is at just over $27,000. 

Ethereum to steal the show

Be that as it may, ethereum looks as though it is making its move in order to steal the show from bitcoin. Ethereum has broken the downwards trendline with bitcoin that has been in force since early January this year. 

Ethereum dominance has also broken higher and has returned to the levels also seen in early January, but far more importantly these are the same levels from May 21, and even as far back as September 17. A solid and continuous accumulation above this level can potentially see ethereum on route to a flippening of bitcoin.

Altcoins running

Many of the altcoins are running strongly right now. Arbitrum, the ethereum layer 2 solution, is up around 8% at time of going to press. Andrew Kang, a large holder, is rumoured to have leveraged his position to buy more.

Injective Protocol is an altcoin that just runs and runs. It is currently up 10.5% on the day. Ocean, one of the AI-related plays is up 7.4% today having climbed 27.7% just since May 29. 

Lido, the largest of the liquid staking tokens, another really hot niche, is up 7.3% currently.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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