Following recent US economic data and the Federal Reserve's accommodating stance, optimism in the market has increased, potentially leading to a surge in altcoins attracting retail investors looking for profitability.
Influence of US Economic Data and Federal Reserve on Financial Markets
Market sentiment received a boost from recent data releases in the US, supported further by the Federal Reserve's dovish approach and the Quick Rate Adjustment (QRA). The employment figures revealed on Friday fell short of expectations, with Non-Farm Payrolls indicating a net employment increase of 175,000 jobs compared to the anticipated 240,000. The Unemployment Rate also edged up slightly to 3.9%, exceeding the expected 3.8%, while the Month-over-Month Average Hourly Earnings saw a meager 0.2% rise, falling short of the predicted 0.3%. These statistics indicate easing concerns about inflation and are likely to impact future monetary policies.
Response of the Cryptocurrency Market
The cryptocurrency market reacted positively to the broader financial market trends. As a result, Bitcoin spot Exchange Traded Funds (ETFs) saw a notable increase in net inflows totaling $378.3 million. The renewed interest in the crypto market was highlighted by...
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