MARKETS DAILY: Crypto Update | Surge in US Job Openings Sparks Economic Jitters and Market Reactions

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4.7 • 698 Ratings

🗓️ 3 October 2023

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

Noelle Acheson, the mind behind the Crypto Is Macro Now newsletter, explores the US labor market recording a remarkable 9.6 million in job openings, the Ether Fund launch day, Hong Kong and more. Today's episode is sponsored by CME Group. Today’s Stories: In a moment we’ll discuss just how disappointing the ether fund launch day really was. Eastern Asia: Do Recent Hong Kong Developments Signal More to Come for China and Region at Large? https://twitter.com/VetleLunde/status/1709115292838711379 Ether Futures ETFs See Low Volume in First-Day Trading - From our sponsors: CME Group Cryptocurrency futures and options provide market-leading liquidity for bitcoin and ether trading. These cash-settled contracts give full exposure to crypto performance without the hassle of holding the physical position. No digital wallet? No problem. Trade nearly 24/7 in a transparent, CFTC-regulated market. Visit cmegroup.com/crypto to learn more. Disclaimer | This communication is not directed to investors located in any particular jurisdiction and is not intended to be accessed by recipients based in jurisdictions in which distribution is not permitted. The information herein should not be considered investment advice or the results of actual market experience. Past results are not necessarily indicative of future performance. Trading derivatives products involves the risk of loss. Please consider carefully whether futures or options are appropriate to your financial situation - This episode was hosted by Noelle Acheson. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Michele Musso. All original music by Doc Blust and Colin Mealey. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	This episode of Markets Daily is sponsored by CME Group.
0:08.1	It's Tuesday, October 3rd, 2023, and this is Markets Daily from CoinDesk.
0:14.9	My name is Noel Acheson, CoinDesk collaborator, and author of the Crypto's Macrono
0:19.2	newsletter on Substat. On today's show,
0:21.7	we're talking about Ether, Hong Kong, Jobs and More. So you don't miss an episode, be sure to follow
0:27.8	the podcast on your platform of choice. And just a reminder, CoinDesk is a new source and does not
0:33.2	provide investment advice.
0:50.5	The launch of the crypto market's first US-listed ether futures funds yesterday did little to lift spirits.
0:55.4	After rising in early trading, Bitcoin drifted lower throughout the rest of the day,
1:01.4	and today so far, it has been holding steady. According to data from Coin Desk Indices, at 10 a.m.
1:09.5	Eastern time, Bitcoin was trading at $27,434, down 3.5% over the past 24 hours.
1:13.2	Ether weakened by even more, trading almost 4% lower,
1:21.9	at $1,655. In a moment, we'll discuss the underwhelming results of the Ether Fund launch day.
1:28.7	One thing to point out is that Bitcoin's price is still higher than it was heading into the weekend. In other words, it has not yet completely unwound Sunday's sharp jump and is currently almost 2.5%
1:34.8	up on early Saturday morning. Ether, on the other hand, is half a percent lower. Today we got
1:40.8	a fresh batch of job market data for the US with the job openings and
1:44.7	labor turnover survey known as Joltz.
1:48.0	This tells us how many job openings there are each month, how many workers were hired,
1:52.0	how many quit their job, how many were laid off, and so on, and is a key indicator of
1:56.7	labour market tightness.
1:58.5	It came in way higher than expected.
2:01.8	The consensus forecast was for 8.8 million job openings reported.
	...

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