The non-farm payrolls reported in the United States yesterday were lower than expected, and investors sold off risk assets. The Nasdaq index fell 5.77% in a single week, the worst week since June 2022. Bitcoin has been under heavy selling pressure, falling as low as $52,550 last night, and Ethereum has performed even worse, falling more than 11% for the week.
Nonfarm payrolls lower than expected
The Labor Department reported on Friday that nonfarm payrolls rose by 142,000 in August, below economists' expectations of 161,000, while the unemployment rate edged back to 4.2%, in line with expectations and down from 4.3% the previous month.
New York Fed President John Williams, who has a permanent vote on monetary decisions, said August's hiring data was not surprising given his current expectations for the economy and that a rate cut soon would help maintain a balanced job market.
Next week's U.S. CPI is the last major data release before the Federal Reserve's September 18 meeting. According to the CME Group FedWatch Index, 70% of investors expect the Federal Reserve to cut interest rates by one point at its September meeting.
Semiconductor stocks plummeted
AI giant NVDA (NVDA) plunged more than 4% to $102.83 per share on Friday after it was reported that the U.S. Department of Justice had issued a formal subpoena to investigate whether AI leader NVDA violated antitrust laws, although the company clarified that it had not done so. However, Huida's market value has evaporated by US$406 billion this week.
(NVDA’s monopoly market was investigated by the US Department of Justice, and its stock price plummeted 10%)
ASML (ASML) fell more than 5% due to the Dutch government's export restrictions. The Dutch government has expanded export restrictions on ASML, citing national security risks.
Taiwan Semiconductor Manufacturing Co. ADR (TSM) also fell 4.20%.
BTC falls below 53K, ETH falls below 2,200
Bitcoin has been under heavy selling pressure, falling as low as $52,550 last night, down nearly 9% for the week. BitMEX founder Arthur Hayes has gone short and believes Bitcoin could fall below $50,000 over the weekend.
(Arthur Hayes: Market funds flowed into RRP, and BTC fell to 50,000 magnesium before the Fed cut interest rates?)
Web3 accelerator and investment institution Outlier Ventures stated in the latest report "Bitcoin Halving. The Four Year Cycle Is Dead" that Bitcoin's four-year cycle is dead, BTC is experiencing its worst half-year performance, and investors can already abandon Bitcoin for four years. Halving bull cycle concept.
(Outlier Ventures: Bitcoin’s four-year cycle is dead and is experiencing its worst half-year performance)
Ethereum fared even worse, falling as low as $2,150 yesterday, down more than 11% for the week.
This article Risk assets are all out! Arthur Hayes: Bitcoin’s Weekend Target of 50,000 Magnesium appeared first on Chain News ABMedia.
