Bitcoin Price and Ethereum Prediction – Here's Why the US NFP Could Boost BTC by 10% Today
On November 4, the Bitcoin price is consolidating in a narrow trading range of $20,000 to $20,400, ahead of the US non-farm payrolls and unemployment rate. Similarly, the price of Ethereum is stable, fluctuating between profits and losses near $1,548 as investors wait for the big event before placing bets.
Major cryptocurrencies traded mixed early on November 4, with the global crypto market up 0.17% to $1.01 trillion on the previous day. In contrast, the total crypto market volume fell 22% in the last 24 hours to $79 billion.
The overall volume in DeFi was $5.67 billion, accounting for 7% of the entire 24-hour volume in the crypto market. The entire volume of stablecoins was $72 billion, accounting for 91% of the overall 24-hour volume of the crypto market.
For the time being, the market will be looking forward to the announcement of non-farm payroll numbers in the United States on November 4.
Following the Fed's interest rate hike announcement, the crypto market plummeted dramatically, although the losses were short-lived as most coins rebounded pre-FOMC trading levels.
The Fed was widely expected to hike interest rates by 75 basis points, and much of that had already been factored in, reducing the crypto market's losses.
The contradictory message left room for further rate hikes if inflation did not begin to decline, while also leaving the door open for future rate hikes of smaller magnitude.
This may indicate that the Federal Reserve will end its cycle of hikes of a quarter point in December and instead move toward a more steady rate of rise, perhaps of half a percentage point.
US Non-farm Payroll: According to the US Bureau of Labor Statistics, the 263K increase in September 2022 was the lowest since April 2021. But, it
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