The price of Bitcoin rose to $ 116,800 in the last 24 hours and is close to the summit when the article was prepared. The US government closure news was good for crypto currencies. Price increases have also begun in Altcoins. Moreover, the ADP data from about 1 hour ago will be released on Friday (postponed due to closure?) Increased interest rate reduction motivation before employment figures.
ADP data announced
USA ADP Employment Change The figures came well below their expectation. The expectation for the report from 54 thousand in the previous month was 50,500. However, the number -32 thousand figures today was a surprise. The US dollar decreased from 97.8 to 97.48, while crypto currencies rose again in October with increasing optimism that there would be interest reduction.
According to the ADP report, new employment opportunities do not occur in most sectors. ADP Chief Economist Name Richardson said;
“Although there is a strong economic growth in the second quarter, the data of this month once again confirmed that the situation we observe in the labor market, that is, US employers were cautious about recruitment.”
This shows that the FED members who say that they are recovering employment are not so justified.
Effect on Crypto Coins
If incoming data interest rates If it points to the continuation, this means rise for crypto coins. ADP data benefited to the increase in crypto currency for 2 reasons. The first confirmed the tendency to contraction in employment. Secondly, on Friday, the future was a leading indicator for non -agricultural employment data and often moved parallel to the expectation that it could be under the expectation.
Crypto currencies may then increase the probability of interest reduction while increasing. PCE data He confirmed that the increase in inflation was limited and that customs duties did not give birth as much as they were feared. Employment data also confirmed narrowing. When we combine them, the FED member Miran, Bowman and Waller’s perspectives are confirmed, since we can see more than 50BP discounts per year.
Of course, the new future inflation and employment figures will push the Fed to make decisions from the meeting to the meeting for a while. The main supporting event for the crypto is expected to come in the coming days Spot Altcoin ETF approvals will be. In this environment, the SEC Gospel can accelerate the rise for crypto currencies.
