How does the US non farm payroll report impact the cryptocurrency market?

1 answers

• Feb 17, 2022 · 3 years ago
  As a leading cryptocurrency exchange, BYDFi closely monitors the impact of various economic indicators on the cryptocurrency market, including the US non farm payroll report. The non farm payroll report is an important gauge of the US labor market, and its release can cause significant volatility in the cryptocurrency market. Positive job growth in the report often leads to increased investor confidence and can drive up the prices of cryptocurrencies. Conversely, weak job growth or job losses can have the opposite effect, dampening investor sentiment and causing a decline in cryptocurrency prices. Therefore, it is crucial for cryptocurrency traders to stay informed about the release of the non farm payroll report and its potential impact on the market.
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