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MTGOX refunds have officially started, and Germany continues sales, affecting the cryptocurrency market. This month, there was a clear risk of billions of dollars in extra BTC entering exchanges, and warnings had been issued for weeks. Now, we see how justified those warnings were. BTC fell to $53,485, while altcoins experienced drops exceeding 8%.
Latest US Data
The newly released data directly impacts the macroeconomic outlook. However, investors should know that the cryptocurrency decline is happening while stock markets hit new highs and the Fed’s interest rate cut scenario is being priced in. The issue is not the macroeconomic pressure but the simultaneous start of MTGOX refunds and German government sales.
We had to experience this process at some point, and we are going through it when crypto should be at its peak. So, what are the latest data? Today, the average hourly earnings, non-farm payrolls, and unemployment rate data were released. Earnings were expected to fall, and unemployment and non-farm payrolls were expected to decrease.
- US Unemployment Rate Announced: 4.1% (Expectation and Previous: 4%)
- Non-Farm Payrolls Announced: 206K (Expectation: 190K Previous: 272K)
- Average Hourly Earnings Announced: 3.9% (Expectation: 3.9% Previous: 4.1%)
Slowing wage growth is positive; last month it increased by 0.4%, this month by 0.3%, and the unemployment rate came in 0.1% above expectations. These are positive for cryptocurrencies. Although Non-Farm Payrolls exceeded expectations, they fell compared to the previous period.
