And here's why cryptocurrencies are down this week…
It was a classic case of “buy the rumor, sell the news” in the cryptocurrency markets on Friday.
A wave of selling pressure has swept across major tokens such as Bitcoin and Ethereum after the latest US jobs report threw a curveball into the narrative fueling their recent rallies.
Faced with falling jobs data, many traders have placed big bets that the deteriorating labor market will give the Fed an opportunity to start putting the brakes on its fight against inflation.
Some experts are even calling on the central bank to start considering cutting interest rates before the end of the year.
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