Release of Non-Farm payroll (NFP) | Bitcointalksearch.org

cakravothy

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Quote from: katrinaeleonor642 on January 06, 2024, 12:15:57 AM

Today at 13:30 GMT, the markets are anticipating the release of the Non-Farm Payroll (NFP) data. Bitcoin on the D1 chart has formed a nice bullish candle, and we've recovered from the Matrixport fud. Since the main focus is on the SEC's decision, I don't expect very large movements, but still, positive data could contribute to a further rise along with the recovery of the stock market and the start of a minor correction in the dollar. This event today could provide fuel for growth. Let's see and wait for the data release.

NFP usually does not have a big impact on the market in crypto currencies. NFP only has a big effect on the forex market, especially those paired with the USD. you can check the price of bitcoin in the previous months when NFP occurred, it did not have much effect on crypto currency.

hugeblack

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Quote from: adaseb on January 07, 2024, 12:43:42 AM

For example if the inflation numbers come in hot, then we will see a sell off in stocks and bitcoin will correlate and sell off also. Hence why stocks and crypto peaked when rates started to go up due to inflation being too high. Employment numbers would have an effect if they were very very low or very very high from the Estimate. Say tons of people lost their jobs, then it would be bullish somewhat because it means fed might cut rates quicker.

During the past two years, many people tried to link stock prices to the price of Bitcoin, but there was no clear connection. It is true that in a falling market, Bitcoin moves just like the market moves, but due to the lack of sufficient liquidity, the matter will change starting from the middle of this year, so relying on what affects the stocks. It will not lead to positive results in Bitcoin trading.

adaseb

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It sometimes is correlated to certain types of news events. Basically the fed rate, inflation rate and sometimes the employment numbers will have an effect on bitcoin. However they need to be substantial compared to the expected value.

For example if the inflation numbers come in hot, then we will see a sell off in stocks and bitcoin will correlate and sell off also. Hence why stocks and crypto peaked when rates started to go up due to inflation being too high. Employment numbers would have an effect if they were very very low or very very high from the Estimate. Say tons of people lost their jobs, then it would be bullish somewhat because it means fed might cut rates quicker.

hugeblack

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Since you mentioned Non-Farm payroll, are there any connections between Bitcoin and US market data or jobs data? Bitcoin is not directly linked to US economy, let alone one of the detailed data in that economy, so understanding whether it is positive or negative will not affect the price directly.

The effect of the ETF is not because it is a US ETF, but because of its expected effect, which may cause an increase in demand and the possibility that supply will decline in the coming months.

gunhell16

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Quote from: katrinaeleonor642 on January 06, 2024, 12:15:57 AM

Today at 13:30 GMT, the markets are anticipating the release of the Non-Farm Payroll (NFP) data. Bitcoin on the D1 chart has formed a nice bullish candle, and we've recovered from the Matrixport fud. Since the main focus is on the SEC's decision, I don't expect very large movements, but still, positive data could contribute to a further rise along with the recovery of the stock market and the start of a minor correction in the dollar. This event today could provide fuel for growth. Let's see and wait for the data release.

Whatever Matrixport did was not really good, and it is obvious that Matrixport intended to think that within 24 hours they immediately changed the report, which is not really the case. So for me, the matrixport report is not really good.

But what I'm saying is about the report they did about the SEC approval of Bitcoin spot etf that I read in an article. Now in NFP, I have no idea about what you're saying, honestly speaking.

katrinaeleonor642

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Today at 13:30 GMT, the markets are anticipating the release of the Non-Farm Payroll (NFP) data. Bitcoin on the D1 chart has formed a nice bullish candle, and we've recovered from the Matrixport fud. Since the main focus is on the SEC's decision, I don't expect very large movements, but still, positive data could contribute to a further rise along with the recovery of the stock market and the start of a minor correction in the dollar. This event today could provide fuel for growth. Let's see and wait for the data release.

Topic: Release of Non-Farm payroll (NFP) (Read 113 times)