Bad news is good news, until bad news becomes bad news.
A few months ago US data like we have seen today would have boosted crypto, it would have been taken as pro interest rate cuts, the US economy slowing down.
Today that data is dropping crypto price and increasing gold price, same thing happened last week, it’s pretty obvious that there is a clear concern the FED have overplayed their hand.
The Sofr spike might be another worrying sign that things are not what they seem, or what they want us to believe.
Im not panicking yet because the S&P 500 and Nasdaq are still reacting to "pro interest rate cut" readings as good news, for now.
It definitely cant be ignored, it could just be isolated Crypto BS like Mt. Gox or whichever government is dumping BTC this week, feels like more all things considered.
I would definitely not enter short term trades until after Friday.
Tomorrow volume will be lower because of the US bank holiday.
Friday has even higher impact Non-farm, unemployment and earnings data, we need to see how that data is received by the market and Crypto.
Peace.
