Feb 04, 2023
U.S. Data Sees BTC/USD Slip as $25K Trade Crowds
The crypto market reacted negatively to the latest U.S. economic data released on Feb. 3, with Bitcoin (BTC) falling prior to the Wall Street open. According to Cointelegraph Markets Pro and TradingView, BTC/USD erased gains from earlier in the day and centered on $23,000 support.
The data revealed that the U.S. unemployment rate fell to its lowest since 1969, with Non-farm payrolls (NFP) data outperforming expectations and average hourly earnings conforming to forecast 0.3% growth. Popular analytics account Tedtalksmacro tweeted “HUGE beat in NFP”, adding that there may be an opportunity to increase Bitcoin exposure given the latest come-down, which it said could take BTC/USD all the way to $20,000.
The strong labor market means that the Federal Reserve can maintain tighter, less liquid monetary conditions for a longer period of time, a sentiment echoed by economist and analyst Jan Wüstenfeld who said “US economy sliding into a recession? Well, think again. At least not in the near term.”
The Federal Reserve raised interest rates by 0.25% this week, in line with almost all expectations, while Chair Jerome Powell caused excitement by using the term “disinflation” in accompanying comments. This resulted in BTC/USD spiking above $24,000 for the second time in as many days, with market participants still hopeful of a trip to $25,000 before a more significant retracement.
However, popular trader Crypto Tony acknowledged that the target may no longer materialize, saying “$25,000 is my main target, but I am seeing now a lot of people asking for this, and is becoming a crowded trade.”
The current market conditions present an opportunity for NFTs (non-fungible tokens) to gain more traction. NFTs are digital assets that are unique and cannot be exchanged for another asset. They are becoming increasingly popular for digital art, music, and gaming, and are now being used for marketing and promotion purposes.
NFTs have been gaining more attention from the web3 space due to their ability to be used for promotional purposes. Companies are using NFTs as a way to engage with their customer base and build brand awareness. Twitter has even launched its own NFT marketing platform, allowing companies to create and promote their own NFTs.
With the rise of NFTs, there is also a need for NFT marketing agencies to help companies promote and sell their NFTs. These agencies specialize in helping companies create and market their NFTs, as well as helping them to sell their NFTs.
The current market conditions provide a great opportunity for companies to take advantage of the NFT trend and create their own NFTs to promote their brands. With the help of a web3 agency and NFT marketing agency, companies can create and promote their own NFTs and take advantage of the current market conditions.
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.
