Cryptocurrency prices (according to CoinDesk data as of the time of writing):
Bitcoin (BTC): $113,648 💰, down 1.4% 🔻 in the past 24 hours
Ethereum (ETH): $3,503 💸, down 3.7% 🔻
Ripple (XRP): $2.94 📉, down 1.5% 🔻
Solana (SOL): $164.13 🔥, down 2.7% 🔻
Dogecoin (DOGE): $0.1993 🐕, down 3.7% 🔻
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Market background 📊:
Digital markets and U.S. stocks experienced sharp declines on Friday following the disappointing monthly jobs report in the United States, which showed only 73,000 jobs added in July, far below expectations. 📉
The job numbers for May and June were revised downward, erasing most of the gains in the labor market during the second quarter. 📉
Rising long-term unemployment and an increase in job seekers are all indicators of a rapidly weakening labor market. ⚠️
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Political reactions and their impact 🏛️🌍:
President Trump attacked the Bureau of Labor Statistics and called for the dismissal of its director, accusing her of manipulating the numbers in favor of the opposing party ahead of the 2024 presidential elections. This political escalation added further volatility and instability to the markets. 🔥
In another development, Trump announced the deployment of two American nuclear submarines in response to harsh statements from a Russian official, increasing geopolitical tensions and negatively affecting investor confidence. 🚢⚠️
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Market predictions 🔮:
Expectations of a rate cut by the Federal Reserve in September have increased, with a 50 basis point cut anticipated, but the markets do not see this as a positive stimulus but rather an indicator of increasing economic weakness. 📉
Fears of an American economic recession and increasing anxiety among investors have driven a sell-off of high-risk assets, including cryptocurrencies. ⚠️
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Summary 📝:
Weak economic data and geopolitical tensions have led to a sell-off in the cryptocurrency market, with a noticeable decline in the prices of Bitcoin, Ethereum, Ripple, Solana, and Dogecoin. Investors are advised to closely monitor economic and political developments before making major trading decisions, with expectations of continued strong volatility in the near term. ⚠️📉
