Non-farm data is positive, why did Bitcoin and Ethereum plummet?
Non-farm data is positive, why did Bitcoin and Ethereum plummet?
In traditional financial markets, non-farm payrolls are often viewed as a barometer of economic health. A strong non-farm payrolls (NFP) number usually means good economic conditions, increased corporate hiring, and improved consumer spending and confidence. However, despite the recent strong U.S. non-farm payrolls data, which showed a healthy job market, the cryptocurrency market reacted in the opposite way: Bitcoin and Ethereum fell sharply after the data was released. This phenomenon seems contradictory, but there are actually multiple factors at work behind it.