Since the release of the US Department of Labor data on Friday, the price of bitcoin has constantly moved as investors made decisions about what to do with riskier assets. At first, the largest cryptocurrency surged after news showed US employers added 315,000 jobs in August, pushing the workforce to an all-time high. However, the report also showed that U.S. job growth has slowed as employers added only 526,000 jobs in July.
According to experts, the jump in digital assets at first was likely due to seemingly good market news from the US. Trader and analyst Alex Krueger said the economic data was "100% the driving force."
Initially, the price of bitcoin increased on the back of rising US stock prices. The asset has been closely linked to equities this year, according to Arcane Research, as investors holding cryptocurrencies trade them like tech stocks. But later on, on the trading day, stocks - and cryptocurrencies - took a hit. Why? Because investors are still looking to shift risky assets. There are a number of reasons for this, including times of energy turmoil: Russia today shut down the Nord Stream 1 gas pipeline, halting gas supplies to Europe and spooking markets.
According to XBTO Group head of trading Paul Eism: "Risk assets have been volatile even after the release of employment data." Additionally, he added that equities, rates, and crypto markets were initially up ahead of the asset sell-off as investors “worried that employment numbers may not be weak enough to change the Fed’s interest rate trajectory, and are also concerned about the shutdown of the Gazprom Nord Stream 1 gas pipeline. ".
Bitcoin was not the only cryptocurrency to rise and fall on Friday. Ethereum was trading at $1,591, up 1.5% since 24 hours. However, at one point, it rose almost 6%, reaching $1,642. Ethereum, the second-largest cryptocurrency by market capitalization, is expected by ASTL investment project experts to upgrade this month as a result of the long-awaited transition to proof-of-stake blockchain, which is expected to make the network more energy efficient.
However, all these perturbations and market fluctuations do not yet affect the investors of our project in any way - simply due to the fact that we are always ready for any development of events.
You can find this and other crypto market news at https://astl.io or in our Telegram https://t.me/astl_eng
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