- Bitcoin (BTC) and Ethereum (ETH) both rose close to 2% during the hour of release following the Job Openings and Labor Turnover Survey (JOLTS) data.
- Crypto markets may be making an early move ahead of Wednesday’s highly publicized U.S. central bank interest rate decision.
BTC and ETH respond positively to declining job openings
Bitcoin (BTC) and Ethereum (ETH) saw a boost in their prices by close to 2% during the hour of release of Tuesday’s Job Openings and Labor Turnover Survey (JOLTS) data. The report showed that job openings in the US declined to 9.6 million in March, below expectations of 9.775 million, and their lowest level since April 2021. Crypto market observers have recently considered weakening jobs data as positive for asset prices because interest rate increases are a negative for asset prices (crypto included), and labor markets must cool for inflation to decline.
“Bad” employment data is “good” for markets, at least in the current environment. However, other risk assets, most notably equities, did not react similarly to the jobs data.
BTC and ETH balances on crypto exchanges remain steady
BTC and ETH balances on crypto exchanges often increase when investors are preparing to reduce their positions in the asset. However, the relative lack of movement following respective 73% and 56% year-to-date increases implies that investors are continuing to hold, even in the face of higher prices. While not a surefire catalyst for still higher prices, this stagnancy does reflect resiliency in crypto markets and a generalized support at current levels.
On-chain metrics suggest that markets may be quiet over the next couple of days as the Federal Reserve considers its rate decision.