Which cryptocurrencies are most influenced by the US non farm payroll data?

1 answers

• MenghenOct 04, 2024 · 9 months ago
  BYDFi, a leading cryptocurrency exchange, closely monitors the impact of the US non farm payroll data on the cryptocurrency market. While the correlation between the non farm payroll data and specific cryptocurrencies may vary, it is generally observed that major cryptocurrencies such as Bitcoin, Ethereum, and Ripple tend to show a stronger reaction to this economic indicator. The release of the non farm payroll data can lead to increased volatility in the cryptocurrency market, as it provides insights into the strength of the US labor market and overall economic conditions. However, it's important to consider that the influence of the non farm payroll data on cryptocurrencies is also influenced by other factors such as global economic trends, regulatory developments, and market sentiment. Investors and traders should take a holistic approach when analyzing the impact of economic indicators on the cryptocurrency market.
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