Top Crypto Performers Today September 5 – HNT, SATS, BSV
Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...
Major cryptocurrencies like Bitcoin and Ethereum are facing notable sell pressure on Thursday due to mixed economic data from the US.
Despite this challenging environment, several altcoins have risen as top crypto performers today, offering traders potential opportunities for quick gains in the altcoin markets.
Bitcoin (BTC) was last trading near $57,000, and Ethereum (ETH) was near $2,400, both hovering close to recent multi-week lows.
The mixed economic data, including the ISM Services PMI for August, which was slightly better than expected, has been overshadowed by a disappointing ADP National Employment report.
ISM Services PMI comes in at 51.5 vs. 51.1 expected.
The Employment component was 50.2 vs. 51.1 last month.
Looking across the leading indicators for #NFP, there's not much to paint a strongly bullish picture. pic.twitter.com/PGu9OceOJ0
The ADP data has triggered concerns that Friday’s official jobs report might also be weak. A rise in the unemployment rate in July to 4.3% already set off a recession warning, known as the Sahm rule.
There's a term for the sudden rise in unemployment which invariably leads to recession.
It's called the "Sahm rule".
This rule states: When the three-month moving average of the national unemployment rate is 0.5 percentage point or more above its low over the prior twelve… pic.twitter.com/WvxAMlDXtD
Another increase could heighten fears of an impending US recession, potentially affecting risk assets further.
In this context, it’s understandable why traders are turning their attention to the
Read more on cryptonews.com
