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A bit later, a strong non-farm payrolls report managed to appease the negative sentiment as 228,000 new positions were created in March within the United States, amply surpassing Dow Jones’ consensus estimate of 140,000 for the period.
None of these developments play in favor of crypto valuations. First, a strong economy – reflected by robust job numbers – gives the Federal Reserve no incentive to lower interest rates.
Moreover, China’s retaliation against Trump could result in higher inflation for the United States. Chairman Jerome Powell is expected to give a speech later today where he may announce the Fed’s view of these events and how they will proceed.
Crypto liquidations reflect the market’s erratic pace as traders digest the implications of the news. An equal amount of $116 million worth of long and short positions have been wiped out in the past 24 hours.
BTC Gains Could Evaporate as Momentum Turned Negative
Even though trading volumes for BTC are down by 25% compared to the previous day, they are still pretty high compared to the 14-day simple moving average.
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