Best Crypto to Buy Now June 7 – Brett, Injective, JasmyCoin
As major crypto prices pull back from earlier weekly highs in wake of hotter-than-expected US jobs data, traders are taking the opportunity to assess which might be the best crypto to buy right now.
Bitcoin (BTC), Ethereum (ETH), BNB (BNB) and Solana (SOL) were down 1.5-3% over the past 24 hours, as per CoinMarketCap.
BTC was last probing for a break back below $70,000. ETH, meanwhile, was in the mid-$3,700s, while BNB fell back under $700 and SOL was trading in the mid-$160s.
#US #NFP May 2024 272k vs 180k exp.
Pr 175k.
Unemployement rate 4.0% vs 3.9% exp/pr.
Participation rate 62.5% vs 62.7% exp/pr.
Wages 4.1% vs 3.9% exp/pr y/y.$USD
— Forex Analytix (@forexanalytix) June 7, 2024
The US economy added 272,000 jobs in May, more than the 180,000 expected. Meanwhile, wage growth jumped to 4.1% YoY, above the expected 3.9%.
Those hot headline figures were enough to trigger fears that the Fed might wait longer to start cutting interest rates.
US 10-year yields jumped up 14bps to above 4.4% as a result, weighing on risk assets like stocks and crypto.
That said, the unemployment rate rose to 4.0%, above the expected 3.9%, suggesting the labor market is still easing.
As per analysts at Bloomberg cited by X account ZeroHedge, “the higher unemployment rate… should keep September interest rate cut squarely on the table”.
"The higher unemployment rate… should keep September interest rate cut squarely on the table. The higher unemployment rate, now 0.6% above the cycle low, and downward revisions to prior months’ payroll numbers tell a story of deteriorating labor market." – Bloomberg
— zerohedge (@zerohedge) June 7, 2024
As the crypto price dip deepens, trader may look to scoop up their favorite coins at discount prices.
Indeed, with talk growing
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