24 Hrs Crypto Update, Mar 10: Crypto market seen slight recovery
- The President of the United States, Joe Biden, recently expressed his satisfaction with the country's economy, stating that it was "headed in the right direction." This statement came after the Bureau of Labor Statistics released a positive jobs report, which revealed a significant increase of 311,000 new jobs in February.
- The prices of BTC, ETH, BNB and BCH showed recovery in the last 24 hours.
Despite the significant wave of layoffs that impacted some of the largest firms in the country,
the unemployment rate surprisingly decreased in January, and more jobs were added to the labor market than expected. These developments suggest that the American economy may not be slowing down anytime soon, and the Federal Reserve may be able to maintain its 25 bps rate hike. This is in contrast to the growing speculation of a 50 bps rate hike following the recent testimony of the Fed chair at the U.S. Senate Hearing.
Major Events Around the World
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BENCHMARK
Indices LTP Change (%) BITCOIN 20598 3.05% ETHEREUM 1454 1.88% CRYPTO STATS(24H)
Indices VALUE Change (%) MARKET CAP $979 B 1.30% TRADING VOLUME 109 B 23.17% Top 5 GAINER
Indices LTP Change (%) SINOVATE $0.00040 78.29% ZENITH CHAIN $0.0062 62.79% ALUNA $0.0064 45.42% SINGULARITY $0.0018 43.78% NEYTRINO INDEX TOKEN $0.10 43.59% Top 5 Loser
Indices LTP Change (%) KICK.IO $0.00015% 81.37% DOEX $0.000046 80.52% BONFI $0.000011 75.13% DIGITALDOLLAR $0.34 57.01% QASH $0.0018 53.05% According to the latest data on nonfarm payrolls from the Bureau of Labor Statistics, the United States has added a staggering 311,000 jobs in February. This figure is significantly higher than the 225,000 jobs that economists had predicted would be added. However, it is lower than the previously reported 517,000 jobs in January.
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There are fake "CryptoGPT" accounts on Twitter offering cryptocurrency giveaways. These accounts are not affiliated with ChatGPT, the genuine AI language model. Users should be cautious and avoid engaging with these fake accounts to protect themselves from potential scams or frauds.
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Thailand's Securities and Exchange Commission (SEC) has proposed a ban on staking and lending services offered by virtual asset service providers (VASPs). The proposed ban aims to protect investors from potential risks associated with these services, such as fraud and hacking. If the ban is implemented, VASPs in Thailand will no longer be able to offer staking and lending services to their customers, although other virtual asset services will still be allowed.
COINGABBAR Views: The release of nonfarm payroll data caused a significant increase in prices across various sectors. Additionally, the U.S. stock index futures experienced a volatile trading session, ultimately turning positive after the jobs data was released. As a result, many are wondering if the crypto market will follow suit and experience a similar rebound. It remains to be seen whether this trend will continue, but it is clear that the nonfarm payroll data has had a significant impact on the markets. Stay tuned with us for more updates at www.coingabbar.com
Also read: Federal Reserve Creates Specialized Team to Monitor Cryptocurrency Industry
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
