Summary

Bitcoin and stocks are currently at their lowest points as investors turn to gold and bonds in light of disappointing jobs data from the U.S.

Market Overview

• Gold and bonds are seeing a rise after weak employment figures emerged today, while crypto and stocks continue to be in a declining phase.
• The president expressed his dissatisfaction with Jerome Powell, focusing criticism on the data management led by Erika McEntarfer.
• Coinbase faces significant losses, with an 18% drop in stock value.

Crypto plunges on Friday Crypto plunges on Friday (Eva Blue/Unsplash)

Job Data Decline

Today’s report indicating that the U.S. added only 73,000 jobs in July, with an increased unemployment rate of 4.2%, contributes to a broader market panic and may catalyze upcoming interest rate cuts by the Federal Reserve.

Economic Impact

• The decline in the yield on the 10-year U.S. Treasury bond has led to a plunge of 14 basis points to 4.22%. In contrast, the price of gold has surged, trending back upwards to $3,400 per ounce.
• As traditional assets rally, Bitcoin has decreased over 3% to approximately $113,800, showing less stability compared to stocks like Coinbase and Riot Platforms, both suffering significant losses this trading session.

“Jerome ‘Too Late’ Powell is a disaster, DROP THE RATE.”
— Donald Trump on social media.

In addition, major cryptocurrencies such as Ether (ETH), Solana (SOL), and Dogecoin (DOGE) have all dipped roughly 6%, while XRP has remained relatively stable, showing a decline closer to 2.9%.