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Weekly Roundup: U.S. Job Growth, Hacks, and Bitcoin Upsurge

👇Weekly Market Roundup👇

1⃣Employers in the United States added 263,000 jobs in September.

2⃣Economists predicted that the unemployment rate would remain at 3.7%, but it fell to 3.5%, which was last seen in July.

3⃣ Bitcoin ( BTC) declined roughly 2% after the news.

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4⃣Most altcoins are stable, with very modest daily losses. However, last week, XRP emerged as the strongest among the major caps.

5⃣ @Binances BNB coin, worth 570 million, was stolen in a major crypto hack.

6⃣The US CPI data will be issued on Thursday, October 13th.

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7⃣Last Monday, the price of the Bitcoin surged to a three-week high of almost 20,500.

8⃣ After the release of the US employment report, the situation changed. Despite exceeding expectations, it sent BTC much lower, & it dropped by roughly 1,000 in just an hour.

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9⃣According to data provided by @santimentfeed @Ripple ( XRP) achieved the largest daily total of newly generated addresses on the network since its last high in July on October 8.

🔟 XRP has been able to achieve an 8% price increase so far in October.

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1⃣1⃣The MVRV-Z can be used to determine whether BTC is overvalued or undervalued and can also spot cyclical movements.

1⃣2⃣ Bitcoin has been in a zone that represents a cyclical low since mid-June.

1⃣3⃣The recent buildup of stronger hands is consistent.

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1⃣4⃣On a macroeconomic level, the newly elected UK government made a significant policy reversal by deciding to take back the projected tax cuts.

1⃣5⃣U.S. jobs data indicated that the labour market has cooled, but not enough for the Fed to stop raising interestrates.

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1⃣6⃣This week will see the release of the FOMC minutes and the CPI statistics, which will help to further paint the outlook.

1⃣7⃣ Cryptocurrency may serve as a deflation hedge but hasn't proven a particularly effective inflation hedge.

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This post is based on this twitter thread.

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