Overreaction To Interest Rate Speculation?
Bitcoin – the biggest cryptocurrency in the world.
The US Job Openings and Labor Turnover Survey (JOLTS) release shook the crypto and stock markets early Tuesday. Prices dumped sharply, with major cryptocurrencies like Bitcoin, Ethereum, or Dogecoin experiencing a 5-8% dip within a single day, with other altcoins unable to avoid the fallout.
According to the JOLTS report, job openings surpassed expectations of 7.730 million, reaching 8.098 million jobs. This sign of a healthy labor market would typically be seen as good news. A strong economy should, in theory, boost investor confidence and push the markets higher. Yet, the crypto market’s response was quite the opposite, with over $200 million in crypto assets being liquidated…
