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Cryptocurrency News Articles
Toncoin (TON), Render Token (RNDR), and Avalanche (AVAX) Prices Await NFP Data as Market Sell-Off Intensifies
Aug 02, 2024 at 11:08 am
Toncoin (TON), Render Token (RNDR), and Avalanche (AVAX) prices remained under pressure on Friday morning as a sense of fear spread in the market. TON token retreated by 2% to $6.65 while Render was down by over 7% to $5.35 and AVAX fell to $25.
Major cryptocurrency prices came under renewed pressure on Friday morning as fear gripped the market ahead of the US jobs report. Toncoin (TON) token price retreated by 2% to $6.65, Render Token (RNDR) was down by over 7% to $5.35, and Avalanche (AVAX) fell to $25.
Toncoin, RNDR, and AVAX prices as NFP data nears
This week’s biggest catalysts for the financial market have been the Federal Reserve, US polls, and big tech earnings. In its interest rate decision on Wednesday, the Fed left interest rates untouched at between 5.25% and 5.50%, its highest point in 2023.
Jerome Powell and his team indicated that the bank could begin cutting interest rates at its September meeting if the labour market continues to soften.
Most analysts expect the Fed to implement these cuts, especially since the Bank of England (BoE), European Central Bank (ECB), and the Bank of Canada (BoC) have already begun slashing their rates.
The Fed has also stated that it is now paying closer attention to the labour market, which has shown some softening, with the jobless rate rising to 4.1%.
Bitcoin and tokens like Render, AVAX, and Toncoin will be affected by the Bureau of Labor Statistics (BLS) jobs report on Friday. Economists anticipate the data will show that the economy added over 170k jobs and that the unemployment rate rose to 4.1%.
However, considering the other jobs data released this week, there’s a chance that the US data will fall short of expectations. In its report on Wednesday, ADP stated that the private sector generated only 122,000 jobs.
Additionally, the BLS reported that the jobless rate claims reached their highest point since August last year, while vacancies fell to 2021 lows. The employment component of the manufacturing ISM data also dropped to pandemic lows.
As a result, weak NFP data could bode well for cryptocurrencies such as Bitcoin, Avalanche, and Render, as it would support hopes for the Federal Reserve to cut interest rates.
Kamala Harris might beat Donald Trump
In related news, these tokens will have additional price drivers. First, there’s a rising probability that Kamala Harris will defeat Donald Trump. Predictit gives her a 53% chance, and recent polling data shows that she has closed the gap in swing states. Among the candidates, Trump has been touted as the most crypto-friendly.
Moreover, the performance of cryptocurrencies will also depend on the sell-off in the stock market, which is expected to continue. On Thursday, the Dow Jones fell by over 500 points, while the Nasdaq 100 index dropped by 400 points. This trend continued globally, with the Hang Seng and Nikkei 225 falling by 2% and 5%, respectively, on Friday. In some cases, crypto have a close correlation with stocks.
Disclaimer:info@kdj.com
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