Feb 04, 2023

U.S. Data Causes BTC/USD Plunge to $23,000

Bitcoin (BTC) dropped before the Feb. 3 Wall Street opening as fresh economic data from the United States came in “hot hot hot”. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD erasing gains from earlier in the day to center on $23,000 support. The pair was negatively affected by jobless figures for January which beat expectations, leading to the lowest unemployment rate since 1969.

The data revealed that Non-farm payrolls (NFP) also exceeded expectations, while average hourly earnings were in line with the forecast 0.3% growth. “HUGE beat in NFP”, noted popular analytics account Tedtalksmacro on Twitter. The account suggested that the news could be an opportunity to reload on Bitcoin exposure, with the potential for BTC/USD to drop to $20,000.

The strong labor market data means the Federal Reserve will likely keep tighter, less liquid monetary conditions for a prolonged period. Economist and analyst Jan Wüstenfeld commented, “US economy sliding into a recession? Well, think again. At least not in the near term.”

Cointelegraph reported that the Federal Reserve raised interest rates by 0.25% this week, which sent BTC/USD above $24,000 for the second time in two days. Investment research resource Game of Trades noted that the next big resistance to clear is the $25k region. However, popular trader Crypto Tony suggested that the target may not be reached, as it is becoming a “crowded trade”.

The cryptocurrency market is seeing a surge of activity, particularly with the rise of Non-Fungible Tokens (NFTs). NFTs are digital assets that are unique and non-interchangeable, and are being used to promote and sell a variety of goods and services. NFTs are becoming an increasingly popular form of digital marketing, as they offer a unique way to engage with customers and promote products.

Twitter is a great platform for NFT promotion, as it allows users to easily share digital assets and engage with potential customers. Companies are now turning to NFT marketing agencies to help them create and promote NFTs. These agencies are experts in web3 technology and can help companies create, market and sell NFTs.

The crypto and web3 space is growing rapidly, and NFTs are a great way to get involved. Whether you are looking to promote a product or service, or just want to increase your digital presence, NFTs are a great way to do it. With the right NFT marketing agency, you can easily create and promote NFTs to engage with customers and increase your business’s reach.

Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.