Cryptos Muted Amidst Markets Expecting Weak Jobs Data

Cryptocurrencies traded close to the flatline, even as markets priced in the likelihood of a slowing jobs growth softening the Fed’s hawkish stance in interest rate decisions.

The U.S. Bureau of Labor Statistics is scheduled to release on Friday morning, the Employment Situation report covering inter alia the additions to non-farm payrolls, unemployment rate, average hourly earnings, participation rate as well as sector wise payrolls. The labor market update serves as an important decision variable for the Federal Reserve which is tasked with the goal of ensuring maximum employment and inflation at the rate of 2 percent over the longer run.

According to expectations of economists, the monthly non-farm payroll addition in the month of September is seen falling to 170 thousand, from 187 thousand in the previous month. However, the unemployment rate is seen cooling to 3.7 percent, from 3.8 percent in the previous month.

The expected cooling in the job market is seen reducing the pressure on prices, saving the Fed from having to pursue an aggressive inflation- combat stance in the form of higher interest rates for a long period.

Overall crypto market capitalization is currently close to the $1.09 trillion level, where it was a day earlier. The 24-hour trading volume stood at $26 billion, registering a rise of more than 10 percent.

Bitcoin is trading at $27,715.93, having shed 0.2 percent in the past 24 hours. Bitcoin’s crypto market dominance is stable at 49.7 percent.

Ethereum has slipped 0.4 percent overnight, falling to $1,633.83. Ether’s share of crypto market cap is stable at the 18.1 percent level recorded a day earlier.

Though Bitcoin has gained 2.6 percent in the past week, it was not so comfortable for Ether, which has erased 2.2 percent of its price over the past week.

BNB (BNB) slipped 0.3 percent overnight, 1.8 percent in the past week and 13 percent over the course of 2023. The price movement comes amidst Binance publishing its latest proof of reserves report.

The Proof of Reserves report based on the Merkle Tree cryptographic tool contrasts Binance Net Balances with Customer Net Balances. Referring to the report which is cited as specifically referring to those assets that it holds in custody for users, Binance has claimed that it is showing evidence and proof that it has funds that cover all of its user’s assets 1:1, as well as some reserves.

Ratio of Binance Net Balances to Customer Net Balances inter alia stood at 104.67 percent for Bitcoin (BTC), 107.29 percent for Ethereum (ETH), 113.72 percent for BNB (BNB), 118.45 percent for Tether (USDT), 106.99 percent for BUSD (BUSD), 104.09 percent for USDC (USDC), 101.31 percent for Litecoin (LTC) and 104.15 percent for XRP (XRP).

Despite the recent legal win for Ripple Labs over SEC, XRP (XRP) traded with an overnight loss of 0.50 percent.

7th ranked Solana (SOL) is trading 0.1 percent lower amidst gains of more than 15 percent accumulated over the past week and 133 percent over 2023.

8th ranked Cardano (ADA) gained 0.78 percent overnight, lifting weekly gains to 4.9 percent.

9th ranked Dogecoin (DOGE) edged up 0.10 percent overnight. Weekly losses are close to 1 percent.

10th ranked TRON (TRX) slipped more than 3 percent overnight. TRX has slipped 3.5 percent in the past week.

20th ranked Avalanche (AVAX) tops overnight gains with a rally of 4.5 percent. 82nd ranked Mina (MINA), 81st ranked Trust Wallet Token (TWT) and 86th ranked Casper (CSPR) have all added more than 2 percent in the past 24 hours.

56th ranked THORChain (RUNE) slipped 9.4 percent overnight, lifting weekly losses to 6.2 percent. 80th ranked Frax Share (FXS) slipped 4.2 percent, followed by 94th ranked APENFT (NFT) and 10th ranked TRON (TRX) that both slipped more than 3 percent.

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