Happycoin.club - After a weekend drop due to negative economic data in the US, Bitcoin and Ethereum remain below key price levels.
True, today, September 9, the largest cryptocurrency added $800 in price, rising to $55,300. Ethereum (ETH) rose by 1.2% and is currently trading at $2,300.
CoinGecko data
Last Friday, fresh data on U.S. nonfarm payrolls, a key indicator of employment, inflation and the nation's overall economic health, were released. The figure rose to 142,000 in August, below market expectations of 160,000.
“Cryptocurrencies need a near-perfect combination of results to drive prices higher,” said Augustin Fan, head of analytics at SOFA.org. “Instead, we got one of the worst results ever, with a reassessment of risk sentiment dragging BTC and ETH lower.”
Fan said the latest data suggests that US private sector growth is approaching its "weakest growth in a decade," making an economic recession more inevitable than experts believe.
However, the US unemployment rate released on the same day sent a positive signal, falling to 4.2%. Lucy Hu, senior analyst at Metapha, believes that the crypto market reacted to these figures more strongly than stocks, but will continue to show volatility until the next Fed meeting on September 17-18.
