Crypto Market Sees Uptick in Turbulent Times – What to Buy Now?6. April 2023
• Recent job openings and factory orders data have fallen short of expectations, leading to the possibility of a recession.
• Financial markets have reacted to this news with Treasury yields taking a hit and stock market indices losing value.
• Bitcoin remains relatively stable as it continues to trade sideways, while the total crypto market capitalization has increased by 1.63%.
Impact Of Macroeconomic Indicators On Financial Markets
The specter of a recession looms large as recent job openings and factory orders data fall short of expectations, casting a shadow over financial markets and opening up the possibility for a pause on further interest rate increases by the Fed. The latest job data reveals a concerning trend, with job postings dropping to 9.931 million at the end of February, according to the Job Openings and Labor Turnover Survey (JOLTS) report. This figure is the lowest in nearly two years and falls short of the anticipated 10.4 million.
Market Reactions To The News
In response to these developments, Treasury yields have taken a hit, prompting a sell-off of the dollar. Stock markets also faltered today, with the S&P 500 and NASDAQ indices losing half a percent each. Meanwhile, the bond market saw an injection of cash as investors sought safety amidst the uncertainty. Gold prices continued their upward trajectory as well, while crude oil prices remained stagnant.
Cryptocurrency Market Performance
As for the cryptocurrency market, Bitcoin has remained relatively stable as it continues to trade sideways. Bitcoin’s price is currently at $28,209 with an increase of 1.43% so far today. Meanwhile, the total market capitalization of cryptocurrencies is up by 1.63% today at $1.154 trillion as of writing.
Upcoming Data Releases
As the week unfolds, more job-related data is slated for release, including the ADP private sector jobs report and weekly jobless claims. The much-anticipated government monthly jobs report will also be published, with expectations of a drop in job creation from 311,000 in February to 240