Crypto Carnage Continues Even as Gold, Bonds Surge on Soft U.S. Jobs Data
Main Idea
Cryptocurrencies experienced significant declines despite a surge in gold and bonds following soft U.S. jobs data, with crypto-related stocks like Coinbase leading the downturn.
Key Points
1. Coinbase led crypto stocks lower with an 18% decline, while other cryptocurrencies like Bitcoin, Ether, and Solana also saw significant drops.
2. Soft U.S. July jobs data suggested a potential shift in the Federal Reserve's approach, impacting Treasury yields and gold prices.
3. President Trump criticized Federal Reserve Chairman Jerome Powell, calling for a rate drop in response to the jobs report.
4. Crypto-related stocks, including Robinhood, Riot Platforms, and Circle, also experienced declines amid a risk-off market mood.
5. Despite the downturn, U.S.-listed crypto ETFs attracted a record $12.8 billion in inflows in July, with BlackRock’s iShares Bitcoin Trust managing over $86 billion.
Description
Soft U.S. July jobs numbers released Friday morning combined with shocking revisions lower to June and May prints to produce the weakest three-month period of employment growth since the Covid shutdowns of 2020. The data seems likely to put an end to the wait-and-see approach of Federal Reserve Chairman Jerome Powell and set the central bank on a path to restarting rate cuts at its next meeting in September. That's sent the yield on the 10-year U.S. Treasury bond plunging 14 basis points to 4.22...
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