Easing Recession Fears Lift Crypto Sentiment
Cryptocurrency market capitalization gained more than a percent in the past 24 hours as markets reacted to the strong labor market update from the U.S. on Friday that eased concerns over recession and a hard landing for the world’s largest economy.
In data released on Friday morning, the U.S. Bureau of Labor Statistics showed additions of 254 thousand to non-farm payrolls during September versus market expectations of 140 thousand and an upwardly revised addition of 159 thousand in August. The unemployment rate which was seen steady at 4.2 percent unexpectedly edged down to 4.1 percent.
Amidst the positive sentiment, crypto market capitalization has increased to $2.19 trillion. It was $2.16 trillion a day earlier.
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