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Market News Crypto Market Daily Highlights – XRP Brushes Aside the US Jobs Report

Crypto Market Daily Highlights – XRP Brushes Aside the US Jobs Report

The US employment data caused a volatile Friday session, pushing the US equities market and the larger crypto market into the red for the trading day.

Jimmy Khan
2022-10-08
360

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For the top ten crypto index on Friday, it was a mixed session. For a third session in a row, XRP broke the trend of the top 10. BTC, nevertheless, took the lead in the decline, finishing the day below $20,000 for the second time in four sessions.


Economic figures from the US plunged risky assets into the black. After rising by 275k in August, nonfarm payrolls rose by 288k in September. The unemployment rate dropped from 3.7% in August to 3.5% as a result of the NFP rise and a decline in the participation rate.


The figures solidified the November 75-basis point Fed rate rise. The FedWatch Tool estimates that there is a 79.6% chance of a 75-basis point Fed rate rise, compared to a 20.4% chance of a 50-basis point increase. On September 30, the likelihood of a 75-basis point increase was 56.5%.


The crypto market followed the NASDAQ throughout the US session as the NASDAQ 100 fell by 3.80% on Friday.

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