Cryptocurrency markets saw a remarkable upswing in prices after the US Bureau of Labor Statistics unveiled its September 2023 non-farm payrolls report on Friday. The October 6 release of this latest employment data revealed a significant uptick, with non-farm payrolls surging by 336,000. It's noteworthy to mention that prior to this release, market analysts had predicted a consensus expectation of 170,000, making this increase even more unexpected and impactful.
In the past 24 hours, the crypto market witnessed a 3.52% increase in total volume, reaching $26.48B. DeFi contributed $2.09B, comprising 7.91% of the total. Stablecoins accounted for $24.34B, a significant 91.92% of the total volume. Bitcoin's dominance rose by 0.07% to 49.75% during the day.
Over the last day, the cryptocurrency markets have faced some downward pressure, resulting in a 1-point drop in the "Greed and Fear Index." It currently stands at 49, which places it close to the middle point of its 0 to 100 scale.
Bitcoin briefly surpassed $28,000 but couldn't sustain its upward momentum, while Ethereum, Dogecoin, Ripple, and Litecoin displayed favorable trading patterns. Avalanche shone as the standout, boasting a remarkable 7% gain in 24 hours, while Thorchain endured a substantial 11.50% decline during the same period.
The US economy added 336,000 jobs in September, surpassing expectations and reflecting its resilience despite rising interest rates. The non-farm payroll growth was nearly double what economists had anticipated. July and August job additions were also revised upward. These positive indicators suggest the Federal Reserve's efforts to control inflation might lead to a "soft landing" for the economy, avoiding a recession.
Binance cryptocurrency exchange has introduced a dedicated domain for its UK users to comply with the UK's updated Financial Promotions Regime. Partnering with FCA-regulated firm Rebuildingsociety.com Limited, Binance aims to enhance adherence to new UK regulations. The domain will provide various services, including fiat and crypto transactions, but certain services, like gift cards and research resources, will no longer be accessible to UK retail users starting October 8, 2023. The move reflects Binance's renewed focus on the UK market following past regulatory challenges with the FCA.
Komainu, a cryptocurrency custody firm, has received approval from the UK's Financial Conduct Authority (FCA) to operate as a custodian wallet provider. This enables Komainu to expand its crypto custody and collateral management services in the UK, furthering its regulatory achievements, including licenses in Dubai and Jersey.
Charles Hoskinson, founder of Cardano, predicts that 2024 will mark the "Mithril age" for the blockchain's Mithril Protocol. Recent milestones include uninterrupted protocol operation since epoch 425 and a reduction in full node bootstrapping time to under 20 minutes. Stake Pool Operators (SPOs) are actively engaged, enhancing network decentralization. Hoskinson's forecast suggests widespread adoption and the realization of Cardano's full potential, particularly in decentralized identity and data management solutions.
Yuga Labs, the company behind Bored Ape Yacht Club and CryptoPunks, is undergoing layoffs in its US teams due to global economic challenges. CEO Daniel Alegre emphasized the need for sustainability and focus on core strengths. While the exact number of affected employees remains undisclosed, co-founder Greg Solano noted that over 120 employees remain. Yuga Labs is shifting its focus to its gamified metaverse, Otherside, and seeks strategic partnerships for its blockchain mission. Development updates on Otherside will be provided for community engagement.
Elon Musk's X platform faces controversy over the suspension of an XRP-related account (@digitalassetbuy). Crypto enthusiasts, including Crypto Eri, question whether the suspension was a mistake. Some defend it as a precaution against scammers, while others speculate about censorship. The incident coincides with an SEC investigation into Musk's actions regarding X. X has rules against harassment and misinformation but has faced scrutiny for transparency and fairness in past suspensions.
Voyager Digital faces CFTC investigation into co-founder Stephen Ehrlich's conduct, potentially leading to enforcement action over alleged misleading practices regarding customer asset safety. Ehrlich denies wrongdoing, emphasizing Voyager's commitment to regulatory compliance amid growing regulatory scrutiny in the cryptocurrency industry.
OpenAI, the organization behind ChatGPT, is considering developing its own AI chips and exploring potential acquisitions of chip companies to address the shortage of expensive AI chips. CEO Sam Altman prioritizes securing more AI chips amid concerns about shortages and high operational costs. This move could place OpenAI among tech giants like Google and Amazon that design custom chips, but it's a significant and costly undertaking. Meanwhile, OpenAI will continue relying on commercial providers while pursuing its custom chip development or acquisition plans.
Pro-Ripple lawyer John Deaton predicts there won't be a trial in the ongoing XRP lawsuit with the SEC. This comes after a federal judge denied the SEC's request for an interlocutory appeal, setting a trial date for April 2024 for other unresolved issues. Deaton believes the SEC is unlikely to proceed with a trial due to slim chances of success, potential high costs, and other pressing legal battles. The SEC may opt to dismiss the case without settling with Ripple, focusing on other priorities.
Charles Hoskinson, co-founder of Cardano, addressed concerns and clarified misconceptions about the Hydra project, emphasizing Cardano's scalability. He showcased Cardano's throughput capabilities and highlighted a shift towards middleware development to support various applications. Hoskinson urged vigilance against misinformation and reaffirmed Cardano's commitment to rigorous research and open-source contributions.
COIN GABBAR Views: Will Bitcoin reach $30,000 following a strong Non-Farm Payroll report? Is Bitcoin gearing up for a significant price surge this month? Are we anticipating an AltSeason in 2023? Could BTC experience a price recovery before the weekend? Stay tuned for the latest news at www.coingabbar.com
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
For More News: Crypto Daily Roundup, 06 Oct: Crypto traders await payrolls data
