As recent data on factory orders and job openings fall short of forecasts, the threat of a recession hangs over the financial markets and raises the prospect that the Fed would hold off on raising interest rates further.
What effects will these macroeconomic indicators have on the top cryptocurrencies to buy right now?
The most current employment figures reflect a disturbing trend, with the number of job opportunities declining to 9.931 million at the end of February, as reported by the Job Openings and Labor Turnover Survey (JOLTS) report.
This number is below expectations of 10.4 million and is the lowest in over two years.
Despite this, there are still a lot more job openings than there are 5 to 6 million people looking for work.
Nonetheless, this decrease in job ads represents the clearest indication yet of a deteriorating US labor market.
These changes have caused Treasury yields to decline, which has caused the dollar to decline.
Today’s stock markets also struggled, with the NASDAQ and S&P 500 indices each losing 0.5 percent.
In the meantime, investors seeking protection in the face of uncertainty injected money into the bond market. While crude oil prices remained unchanged, gold prices also continued to rise.
Regarding the cryptocurrency market, Bitcoin has held steady despite continuing to move laterally. At the time of writing, the price of one bitcoin is $28,209, up 1.43% today. At $1.154 trillion as of this writing, the total market capitalization of cryptocurrencies is currently up 1.63%.
Further information about the labor market is expected to become available during the week, including the ADP private sector jobs report and weekly jobless claims.
In addition, the much-awaited government’s monthly jobs report will be released. It is predicted that 240,000 fewer jobs were created in March than were created in February, which was 311,000.
Notwithstanding these data, it is expected that the unemployment rate will stay low at 3.6%, rising by 4.3% on a yearly basis along with the average hourly wage.
Will the recent decrease in job data be a warning of a more substantial economic downturn? This issue persists as financial markets prepare for the release of additional data and potential global repercussions.
The economic narrative is poised for a potentially dramatic turn, but only time will tell.
Investors continue to invest in the cryptocurrency market despite recent economic upheavals, and a number of digital assets have distinguished themselves as the finest cryptos to buy right now.
Particularly, the promising fundamental and/or technical analyses of SXP, LHINU, SHIB, DLANCE, MASK, ECOTERRA, and SWDTKN have attracted attention.
The interest in the Solar (SXP) token among South Korean cryptocurrency investors has significantly increased recently.
SXP is currently one of the most popular digital asset investments among South Korean investors as a result of the significant increase in trading volume and price of the token as a result of this increased interest in domestic cryptocurrency exchanges.
The major network of Swipe, a company historically known for being a distributor of debit cards, has been relaunched as The Solar Network.
By trading volume, Binance, the biggest cryptocurrency exchange in the world, acquired Swipe in 2020.
Investor interest in the token may have risen as a result of Binance’s recent announcement that it supports SXP’s token migration.
With a recent value increase of 31.34%, SXP has recovered from the Fibonacci 0.382 level at $0.6765.
The level of $0.94, which had previously served as support from April 30 to May 1 of the previous year, confronted this rising momentum, however.
Following the test of this resistance, the price of SXP returned to the $0.7771 Fibonacci 0.236 level.
The price of the cryptocurrency is currently $0.8177, down 12.31% on the day.
The Fibonacci 0.236 level serves as the immediate support for SXP.
Trading should be cautious even though it appears that the cryptocurrency has rebounded from this level because support is not confirmed until a green candle appears above this region.
Hence, before considering launching a trade, traders are suggested to wait for consolidation above this level and look for confirmation of support.
Stake, Vote, and Earn with Love Hate Inu’s V2E Platform
Love Hate Inu wants to be a game-changer in the $6.8 billion polling and survey industry by giving people the opportunity to stake and vote on a wide variety of issues while receiving $LHINU tokens as a reward for their participation.
One interesting aspect of the project is that during the presale phase, ninety percent of the one hundred billion tokens that will be issued will be sold. The remaining ten percent of the tokens will be utilized to finance exchange listings, community incentives, and liquidity.
This strategy is intended to prevent “rug-pulling” situations, which occur when creators of a project keep a considerable quantity of tokens for themselves and then sell those tokens on exchanges after the token has been published.
Shiba Inu (SHIB)
On Tuesday, the price of Shiba Inu (SHIB) rose by more than 4%, following a general upward trend seen in the value of meme cryptocurrencies. Nevertheless, will SHIB be able to keep up this rising momentum?
The price of SHIB reached $0.00001165 on April 4, representing an increase of 11.06% from its intraday low of $0.00001049. This price represents an increase in value.
Despite this good movement, the meme token’s performance trailed behind that of its peers, particularly Dogecoin (DOGE), which had a significant jump of over 30% over the same time frame as the token in question.
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