Mixed Market Sentiments as Investors Await Friday’s Unemployment Report

According to the UNN, new data shows worrying sign. It reports that the Bureau of Labour Statistics’ data has US employment rate to be much weaker than initially anticipated from last year. Leading to lots of anticipation among observers on the influences on price signals as the report is set to be officially reported by the Fed.

While interest rate is expected to be decreased, the unemployment rate is likely to determine the cut in interest rate.

This has created uncertainty on the long-term effect on trade zones irrespective of the hike cuts. These sentiments can be observed in the   Thursday chart movements.

Market Movement as Unemployment News Draws Closer

 

The charts as at the time of writing are on a negative trend. The top 8 cryptocurrency by market cap are all showing signs of a slide.

Bitcoin, with a 24h. trading volume of 31. 93 billion is down 2.36% in the last 24 hrs. at $55,802. It is down 1.07% in the last 1h, and 5.99% in the last 7 days. It has a market cap of $1.1 trillion.

Similarly, Ethereum is trading at $2,347 with a 24h trading volume of $14.04 billion. It has declined by 1.21% in the last 1h, 2.61% in 24h and 6.78% in 7 days, with a capitalization of $282 billion.

The BNB also follows in the general trend with a 24h decline of 1.05% and a 24h trading volume of $1.47 billion. It is currently priced at $501 while its market cap is $73 billion. Showing a declined 0.9% in the last hour, and by 6.07% in 7 days.

Solana has also not shown any sign of relief, dropping 1.23% in the last hour, 3.36% in 24h and 7.68% in 7 days with a market cap of $59 billion. It has a 24h trading volume of $1.93 billion with a price of $128.

Ripple and Dogecoin slid by 3.44% and 0.15% in the last 24h. With a capitalization of $30 billion and $14 billion respectively. The prices for both are also down to $0.53 and $0.097 for each.

The USD backed stablecoins USDT and USDC have also shown minor decline in the last hour and week. USDC is showing a decline of 0.01% in the past 1h, 24h and last 7 days. While USDT is down 0.02%, 0.03% and 0.04% in the last hour, 24h and last 7 days respectively.

Implication of the Unemployment Report on Investor Sentiment

The fear and greed index FGI in the early hours of Friday has investor’s confidence to be extremely low. It has scaled down to 22 on the FGI scale signifying extreme fear on the scale. The FGI scale is used to determine market sentiments.

The report is expected to reflect realities of economic uncertainty. With operational costs and reduced yields putting pressure on workforce management to make tough decisions.

Which has tipped the scale of fear against the market on the FGI scale. With observers eager to fear the Fed’s report in order to have better clarity on short- and long-term scale of market indicators.