Crypto Markets Analysis: Bitcoin and ether shrugged off the latest disappointing jobs data. They have also decoupled from equity markets. GWilliamsJr_CMT reports
Bitcoin and ether shrugged off the latest data showing the U.S. job market remains stubbornly strong.
Unemployment claims remain almost identical to where they were in January, defying the U.S. Federal Reserve’s efforts to cool labor markets. Tight labor markets have historically kept wages high, which is a key inflationary factor. The central bank’s uncertainty in recent months about how to account for the strong jobs data as it considers interest rate hikes has roiled financial markets.
Ether has joined bitcoin in trading in a narrow range, a sign that the recent spate of volatility for both is beginning to wane. While still at levels last seen in August and November, the Average True Range for both assets has begun a decline from their recent peaks.The decline in ATR aligns with a reduction in trading volume. Volume can often indicate who has the loudest voice in the room among bullish and bearish investors.
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