Bitcoin has started the new week on a positive note
The influx of data from the US caused a mixed day Friday for global and crypto markets. In the crypto money markets, fluctuations created by sectoral developments are dominant.
The April US non-farm employment data released on Friday was 185 thousand above the expectations, while the unemployment rate decreased by 3.4% while the expectations were higher. With this figure, the unemployment rate in the USA fell to the lowest level in the last 54 years. Finally, average hourly earnings, which are important for the course of inflation, rose from 0.3% to 0.5% in April, the fastest increase in the last nine months.
Bitcoin shows positive signs
When the data were examined, we came across that the inflationary pressure caused by the wages continues and the recessions in the unemployment rate are the data that strengthen the FED's hand in the fight against inflation. However, even though US stock indexes closed positively on the last day of the week, with the expectations that the banking crisis could cause economic damage and Powell's implying that the interest rate hike could be the end on Wednesday, a mixed course was dominant in the futures indices this morning.
In the crypto market, after 2% rises on Friday, withdrawals were seen around 5% on the first day of the week. Bitcoin, the leading cryptocurrency, started the new day at $ 28,100, while the evaluation was being prepared, it was at $ 27,700 and Ethereum was at $ 1,850. With these pullbacks, the total value of the crypto market is again moving below a significant threshold of $1.13 trillion. There are also pullbacks of around 3%-5% in altcoins.
The drop in the crypto market over the weekend was also affected by the cessation of withdrawals on a global stock market. After stopping the withdrawal requests twice in a short time with intense withdrawal demands, the stock market, which created an atmosphere of panic among investors, returned to its normal course with the statements that there were signs of a bull market. However, this did not prevent the selling pressure on Bitcoin. Although the investors in the market are willing to buy, FUD news has caused selling pressure in cryptos.
All eyes are on the Fed meeting on June 14. In this process, the macroeconomic data we will receive from the USA will be very important. The first of these data; This week, there will be the CPI data that will come on Wednesday, and then the PPI data that we will receive on Thursday. While the CPI data is expected to be 5%, the PPI data is expected to decline to 2.5%. Also, news feeds in the crypto market may continue to increase volatility on the market.
