Bitcoin Price and Ethereum Prediction; US Nonfarm Payroll Under the Spotlight Today
The price of Bitcoin has remained mostly unchanged during the Asian session, settling in a narrow range of $16,750 to $16,950. Similarly, Ethereum, the second-largest cryptocurrency, fell back into the $1,250 trading range after failing to hold above $1,260.
The global crypto market cap fell 0.32% to $817.65 billion on the previous day, sending major cryptocurrencies into the red early on January 6. Over the last 24 hours, overall crypto market volume surged 22.94% to $27.22 billion.
DeFi's total volume is currently $1.90 billion, accounting for 7% of the overall crypto market 24-hour volume. The overall volume of all stablecoins is now $26.09 billion, accounting for 95.87% of the total 24-hour volume of the crypto market.
Following an upwardly revised 284K in October, the US economy added an unexpected 263K jobs in November of 2022. As the economy recovers from the shock of the pandemic, job growth has slowed to its lowest rate since April of last year. Above the pre-pandemic norm of 150,000 to 200,000 monthly job gains, it continues to indicate a strong and competitive labor market.
The December nonfarm payrolls report will provide new information on how tight the labor market is and what this implication is for inflation and the Federal Reserve's monetary policy decisions.
Economists anticipate that the December employment data would indicate that 200K jobs were gained and the unemployment rate remained at 3.7%, close to a 50-year low. When the epidemic hit the US economy, 22 million jobs were lost in March and April.
Since then, job creation has remained above pre-pandemic levels. Total nonfarm payroll employment averaged 392K each month from 2022 through November, up from 562K in 2021. In comparison, in the last three
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