Crypto price correction continues despite equity indices gaining on robust US non-farm payrolls data
Price corrections continued in the wider cryptocurrency market, despite equity indices testing new highs following the release of U.S. non-farm payrolls data.
Friday's U.S. non-farm payrolls (NFP) data saw equity indices test new highs, but the reading failed to resuscitate the cryptocurrency market, which has seen its market cap fall by over 5% in the past 24 hours.
The NFP reading for June came in better than expected, up 206,000 jobs versus a forecast 190,000 increase, according to the U.S. Bureau of Labour Statistics. Unemployment rose slightly to 4.1% in June, which is the first time since November 2021 it has risen above the 4% mark.
Equity indices gain following NFP release
Treasury yields moved lower along with the dollar index, as bond traders reacted to today's NFP data. In contrast, stock futures ticked higher, testing new highs. Dow Jones Industrial Average futures increased 0.033% and SP 500 futures climbed 0.013% in pre-market trading.
Meanwhile, the Chicago Mercantile Exchange (CME) FedWatch tool , had a 71% chance of a rate cut in September before today's reading. After today's reading, the September odds have remained unchanged.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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