Bitcoin and Ethereum Prices Spike Thanks to This Crypto Market Paradox

Nov 07,2022
Bitcoin and Ethereum Prices Spike Thanks to This Crypto Market Paradox

Bitcoin and Ethercoin, the largest cryptocurrencies, soared with the strong support of today's embarrassing US laid-off report. In addition, the total market value of cryptocurrencies has once again reached the crucial $100 million level.

Although the number of unemployed people keeps rising, the price of BTC has risen by nearly 5%, while the price of ETH has soared by 8.5%. It seems that with the social and economic vicissitudes, people will expect that the two properties in the financial industry market with the greatest risk will decline, but investors again see the fallacy of good "bad" news.

According to the accepted view, the subjective factor is caused by the following assumption: for the Federal Reserve Bank of the United States, the rise in unemployment may be a reason for changing its radical fiscal policy and slowing down the pace of interest rate increase in the United States. Even so, with the core of the regulatory authority shifting to the height of interest rate rise, there is a slowdown trend, which is also the conclusion of Jerome Jerome ยท of the Federal Reserve after his speech yesterday.

China's traditional contacts in the data encryption market

With the continuous trend of systematic development of cryptocurrency market, it may take time to be disappointed with the connection between cryptocurrency market and traditional finance. Therefore, according to the new accounting conclusion report of Coinbase, a key cryptocurrency trading center in the United States, 83.6% of the total trading volume of the trading center was accounted for by investors, although the decline was $58 billion.

Returning to the discussion of Bitcoin and Ethercoin, it should also be noted that just one year later, the turnover of Bitcoin in Coinbase once again exceeded that of important loan currencies in the market.