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Crypto market rally beckons as US non-farm jobs double expectations

Press Releases Crypto News Crypto-News Crypto market rally beckons as US non-farm jobs double expectations

The global crypto market capitalization rebounded above the $1.6 trillion milestone on Feb. 2 as the latest non-farm payrolls figures cast doubt on U.S. Fed Chief, Jerome Powell’s recent comments.

The job figures in the latest non-farm payrolls report suggest crypto bulls could position for positive price action.

Powell’s comments send crypto prices into $90 billion tailspin

On Feb. 1, the global crypto market capitalization dipped toward the $1.5 trillion area. This came barely 48 hours after Powell made controversial statements suggesting postponing rate cuts beyond March 2024, as widely predicted.

“Based on the meeting today, I would tell you that I don’t think it’s likely that the committee will reach a level of confidence by the time of the March meeting to identify March as the time to do that. But that’s to be seen,”

U.S. Federal Reserve Chairman Jerome Powell

Powell’s statements came after a scheduled Federal Open Market Committee (FOMC) meeting on Jan 31. It triggered a significant pullback across risk assets, including stocks and the crypto markets.

Total Crypto Market Cap vs. Bitcoin (BTC) vs. Ethereum (ETH) Price Performance after Jerome Powell Statement, Jan. 30 – Feb. 1, 2024 | Source: TradingView

Within 48 hours of Powell’s comments, Bitcoin (BTC) and Ethereum (ETH) prices dipped 5%, respectively, while the overall crypto market tumbled 4.3%, shrinking by over $90 billion between Jan. 30 and Feb. 2 as depicted in the chart above.

However, on-chain signals suggest that Ethereum investors doubled down on their bullish positions in defiance of the market pullback. Also, the latest official non-farm payrolls report released on Feb. 2 could set the stage for a bullish recovery phase in the days ahead.