CandleFocus Here’s why Bitcoin and altcoins could rise after weak NFP data
2024-11-01
Author: Content Editor
The release of weak nonfarm payroll data by the US has put cryptocurrencies and stocks on edge due to the potential for a dovish Federal Reserve. Bitcoin and Ethereum have experienced pullbacks in their prices, while the total market cap of all coins has dropped. American stock index futures, however, have responded positively to the news. The Bureau of Labor Statistics reported that the US economy added only 12,000 jobs in October, significantly lower than expectations. This data could have a positive impact on Bitcoin, altcoins, and the stock market, potentially influencing voters in favor of Donald Trump and encouraging the Federal Reserve to continue cutting interest rates.
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