In the last few minutes, there have been numerous developments that could directly or indirectly affect cryptocurrencies. The JOLTS data has been released, and PMI figures have also been shared. Additionally, Coinbase announced a maintenance schedule, and geopolitical tensions are escalating. Here is a summary of the recent updates.
Current Status of Cryptocurrencies
The U.S. data was eagerly awaited today, and the JOLTS figures have now been published. This data, which shows job openings, came in at 8.04 million against an expectation of 7.963 million. While this difference is not substantial, it indicates that the employment front remains relatively strong, suggesting that the Fed can comfortably continue to lower interest rates.
Concerns from PMI Data and Coinbase Update
However, the ISM PMI data came in below expectations at 47.2, against a forecast of 47.5. This provided a discouraging signal that certain areas of the economy are beginning to contract. Another significant development is the planned maintenance by the Coinbase exchange on October 26. The company stated a few minutes ago:
“Coinbase Exchange will be temporarily offline starting Saturday, October 26, 2024, at 9:00 AM due to a scheduled technical system upgrade. All transactions on Exchange and Prime will be halted. Transfers on Coinbase Exchange will be delayed. The outage will occur in two phases. We expect this to take up to 2 hours to complete, but this estimated time may change.”
