MARKETS DAILY: Crypto Update | U.S. Jobs Data Comes in Hot

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4.7 • 698 Ratings

🗓️ 6 October 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Noelle Acheson, the mind behind the Crypto Is Macro Now newsletter, explores jobs data, market volatility and more crypto expansion outside the US. Today's episode is sponsored by CME Group. Today’s Stories: Kraken to acquire Dutch crypto broker BCM in commitment to grow European business Kraken Pushes Forward on Expansion in Spain, Ireland With Key Regulatory Steps Binance to Quit Netherlands After Failing to Acquire License Gemini to Halt Crypto Services in the Netherlands Due to Regulatory Pressure - Here's What You Need to Know Coinbase Fined $3.6M by Dutch Regulator for Failure to Register Sending crypto for customers in the Netherlands | Coinbase Help Dutch Crypto Companies Score Legal Win in Fight Against $2.3M Supervision Bill - 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 Eleanor Pahl. 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.
0:08.2	It's Friday, October 6th, 2020, and this is Markets Daily from CoinDesk.
0:15.1	My name is Noel Atchison, CoinDisc collaborator, and author of the Crypto is Macro Now newsletter on Substack. On today's show,
0:22.8	we're talking about jobs, market volatility, and more crypto expansion outside the U.S.
0:32.1	So you don't miss an episode, be sure to follow the podcast on your platform of choice.
0:37.2	And just a reminder,
0:38.6	CoinDesk is a new source and does not provide investment advice. Now, a markets roundup.
0:45.9	Markets are moving today after an unexpectedly strong signal from the US economy. I'll talk
0:51.5	more about this in a moment. But first, Bitcoin was rising in early
0:55.9	trading today at one point almost reaching $27,800. It has since corrected, however, losing part
1:03.9	of the day's gain, and at 10 a.m. Eastern Time was trading at $27,512. This is down 1.8% over the past 24 hours. Over the same period,
1:16.8	ether was down half-fat, 9 tenths of a percent, trading at $1,628. Despite today's volatility,
1:25.2	the trend seems to be up. Bitcoin has gained almost 2% over the past week, while the S&P 500 is down by roughly the same amount.
1:34.4	Ether is not faring so well, down almost 1.3% over the past seven days.
1:40.5	Moving on to signals in the macro market. The U.S. jobs data is in, and it came in hot.
1:47.0	US employment unexpectedly surged in September by the most since the start of the year.
1:53.0	This came after a private sector report on Wednesday suggested a notable slowing in the job market.
2:00.0	The official figures out earlier today did not show that.
2:04.8	Non-farm payrolls increased by almost 340,000 in September,
2:09.7	almost double expectations, and much higher than August's upwardly revised 230,000 increase.
2:19.9	The unemployment rate was slightly higher than consensus forecasts at 3.8%, the same as the previous month. Looking closer at the figures,
2:26.2	however, suggests that things are not quite as strong as they may look. The growth in average
	...

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