Crypto market holds $3T as investors digest U.S. jobs data
The U.S. nonfarm payrolls [NFP] report released on Friday, 9 January, added another data point to an already cautious macro backdrop. The data showed that 50,000 jobs were added, which is below most forecasts, which ranged from around 60,000 to 66,000.
Also, the unemployment rate was around 4.4%, slightly lower than the expected 4.5%, while average hourly earnings remained around 3.8% YoY.
However, crypto markets showed little sign of stress in response. Instead of a sharp directional move, the total cryptocurrency market capitalisation remained broadly stable above the $3 trillion mark.
At the time of writing, the total crypto market cap hovered around $3.07 trillion, holding recent gains after a volatile fourth quarter.
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