The cryptocurrency market started to decline on October 7, 2022 and was painted red. As a result, this decrease bitcoin resulted in its price losing the $20,000 level and the decline was continuing at the time of writing.
As Koinfinans.com has already mentioned, October is considered an ‘uptrend’ for Bitcoin and is referred to as ‘Uptober’ with a concept that represents the rise (up).
Near the end of this week’s trading hours, Bitcoin is down an average of 3.15% from the $20,146 level and dipped below the $20,000 mark.
Many majors including Solana (SOL), Dogecoin (DOGE), Avalanche (AVAX), and Litecoin (LTC) cryptocurrencyafter the entire crypto market fell below $1 trillion in market cap, losses of between 3% and 4% were recorded.
Among the top ten cryptocurrencies, the least affected were Ripple (XRP) down 0.6% and Cardano (ADA) down 0.8%.
The second largest cryptocurrency and largest altcoin by market capitalization Ethereum (ETH) was trading at $1,331, down 1.2% on the day.
Rate Increase On The Way, Markets Uneasy
US Department of Labor‘s September jobs report showing the American economy adding another 263,000 new jobs could fuel rate hikes. According to the figures announced, the unemployment rate decreased by 0.2 points to 3.5%.
The U.S. economy is still showing signs of strength, though job growth slowed compared to August’s 315,000 increase, showing the lowest monthly increase since April 2021.
This strength is a critical detail that raises the possibility of more aggressive monetary policy tightening ahead of the Fed’s next meeting in November. Contrary to stocks that opened lower on Friday, US Treasuries started to rise following the data release.
“This is another 75-year run in November,” LPL Financial chief economist Jeffrey Roach told CNBC. [baz puanlık artış] He’s hammering a nail into the coffin for the sake of it.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.