๐โโ๏ธ Hey guys.
The high open job numbers didn't please the market, talking about keeping an eye on the labor market back on Sunday, bitcoin fell 5% and here's why:
High JOLTS data is negative for stocks and cryptocurrencies because of:
1. Overheating economy : High job openings โ wage growth โ inflation ๐.
2. Tight Fed policy : Threat of rate hikes to fight inflation ๐ธ.
3. Capital outflows: Investors choose safe assets (bonds) over risky assets ๐.
4. Profit decline: Companies' costs rise โ margins fall ๐ค๐.
This increases pressure on risk assets. ๐ผโจ
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